BO · Metals / Cross-Asset Coherence Regime
Z85017 – BO CFTC MM Net
Managed money (trend-following funds) positioning reflects aggregate directional conviction. Extreme net-long signals crowded trades with reversal risk; extreme net-short signals potential short-squee.
At a glance
IN-SEASON · ACTIVE
Current reading
-0.305
BO CFTC MM Net composite, tanh-bounded
Signal state
Moderate NEG
4 trading days in current state
Phase
STRESS
Positive equals cftc mm net long elevated; negative equals cftc mm net short elevated
Sample
37 years
Live since 1989-11
As of Nov 06, 2026. Updated nightly.
SIGNAL OVERVIEW
Managed money (trend-following funds) positioning reflects aggregate directional conviction. Extreme net-long signals crowded trades with reversal risk; extreme net-short signals potential short-squeeze fuel. The composite is bounded between minus one and plus one through. Across 37 years Phase +1 cftc mm net long elevated state has returned on average minus 0.16 percent forward 60-day soybean-oil return. Phase -1 cftc mm net short elevated state has returned on average plus 1.54 percent. Today the composite reads -0.305, in Moderate NEG territory.
LIVE CHART
BO CFTC MM Net: composite bounded minus one to plus one.
The dark line in the top panel is the composite bounded between minus one and plus one. The pale red band marks cftc mm net short elevated regime. The pale green band marks cftc mm net long elevated regime. The bronze line in the middle panel is the trailing 252-day rolling Spearman information coefficient. The lower panel is CBOT soybean-oil continuous back-adjusted price on the right axis in cents per pound.
COMPOSITE
-0.305 / tanh
STATE
(nightly)
PHASE
(nightly)
FWD 60d
(nightly, baseline +1.58 percent)
SAMPLE N
9,301 days
TODAY’S PLAYBOOK READING
STATE
Moderate Neg
STATE AND HISTORY
Moderate NEG. Sample N=9,301 days since 1989-11.
WHY THE SIGNAL IS HERE
Managed money (trend-following funds) positioning reflects aggregate directional conviction. Extreme net-long signals crowded trades with reversal risk; extreme net-short signals potential short-squeeze fuel.
POSTURE FOR THE WEEKS AHEAD
The signal is a regime detector on a 60-day forward horizon. Pair with price momentum signals for conviction.
WHAT THE CHART SHOWS
Today the composite reads -0.305 placing the dot inside the Moderate NEG band.
TOP INPUTS FIRING
- Silver returns Primary silver price momentum.
- 10-year TIPS-implied inflation breakeven Market-implied inflation expectation.
- Rolling coherence trend 5-year first-difference of coherence at 170-day cycles.
THE REGIME MAP
The three regime phases, forward 60-day soybean-oil returns and sample share
Baseline soybean-oil forward 60 day return (unconditional): mean plus 1.58 percent, median plus 0.33 percent, across 9,241 trading days.
| State | Phase | Share | Fwd 60d | HAC t | Edge vs baseline | Last firings |
|---|---|---|---|---|---|---|
| CFTC MM net long elevated | +1 | 41.7% (3883 d) | +0.46% | -1.12pp | Aug 2026, Feb 2026, Aug 2025 | |
| Normal | 0 | 17.1% (1592 d) | +1.65% | +0.06pp | Oct 2026, Aug 2026, Jan 2026 | |
| CFTC MM net short elevated TODAY | -1 | 41.1% (3826 d) | +2.68% | +1.10pp | Nov 2026, Oct 2025, Sep 2025 |
The historical pattern
How to use the signal today
THE TRACK RECORD
Every state change in the last 2 years
5 state transitions from 11/21/2024 to 11/06/2026. Full history (64 total transitions since 03/14/1996) is downloadable.
| State | Start | End | Duration | Fwd 60d SPY |
|---|---|---|---|---|
| Neutral | 11/21/2024 | 12/20/2024 | 21d | +2.81% |
| Defensive | 12/23/2024 | 03/25/2025 | 63d | -5.16% |
| Neutral | 03/26/2025 | 04/24/2025 | 21d | +5.55% |
| Expansion | 04/25/2025 | 05/23/2025 | 21d | +15.18% |
| Defensive LIVE | 05/27/2025 | current | 366d | +7.51% |
Scroll inside the table for the full history. Forward 60-day SPY is measured from each run’s start date; a reader cannot trade off a start-date they only identify in hindsight, so this is a transparency log, not an alpha claim. Asterisked (*) returns are partial. The run is less than 60 trading days old. The full 60-day comparable fills in as more data arrives.
What this measures
Managed money (trend-following funds) positioning reflects aggregate directional conviction. Extreme net-long signals crowded trades with reversal risk; extreme net-short signals potential short-squeeze fuel. The composite is z-scored against a and bounded through.
Why it matters
Managed money (trend-following funds) positioning reflects aggregate directional conviction. Extreme net-long signals crowded trades with reversal risk; extreme net-short signals potential short-squeeze fuel.
The signal flags the current soybean-oil regime for the next 60 trading days on average. Pair with price-based signals for precise entry.
State-conditional spreads are empirical averages across 37 years. Individual regime windows can run longer or shorter than mean sample.
Signal consumers and siblings
Not investment advice · The analysis on this page is informational and educational. Signal readings, historical case figures, and empirical statistics are derived from publicly available data and are provided without warranty. Hypothetical performance results have inherent limitations, including the benefit of hindsight. Readers who intend to trade should consult a licensed investment professional and see the research brief for the full disclaimer.
Last refreshed Nov 07, 2026 05:47 PM ET