Positioning
Oct 16, 2026 6 min read
COT Net Positions: How to Interpret Commercial and Speculative Traders
The COT report's most useful number is the net position — longs minus shorts — for each trader group, and the most useful picture is the two groups moving as mirror images. This guide explains how net positions are built, what commercial and speculative nets each mean, the four states they can be in, and how to turn the weekly change into a bias.
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