Let's start off with a brief review of the latest CME Commitment of Traders (COT) report, which shows that as of 7/2/2019, asset manager/institutional long positions are at 188 vs 310 and short positions are at 146 vs 0. In other categories, leveraged long positioning stands at 3,253 vs 3,093 and short positions at 3,326 vs 3,246. Finally, dealers are now net long at 36.