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Following the lead of “Commercial Hedgers” doesn’t provide the Holy Grail of investment signals, yet doing so over the past 3 years would have been a profitable idea. Since 2008, following the lead of this group has been of benefit per playing the Euro and the S&P 500 as well.
Currently the Hedger’s are making one of the largest bets since the 2008 Financial crisis low, that the Euro is about to rally! Frequently they have been right in the past 36 months, often early though.
Will see if they are correct this time around!