The simple fact that buying the dips is coming back in vogue tells us something. While volatility has imploded and the VIX.X closed today at 22.94, we are seeing a definitive shift to the bullish side. It wouldn't be surprising to see the markets continue their upward momentum as volatility settles lower, just like last year between May and July expiration. The worst case scenario has been priced in. Determine your opportunity cost and manage those positions.
Small specs are the general trading public with commercials being financial institutions.
Commercials are historically on the correct side of future trend changes while small specs are not. Extreme divergence between each signals a possible market turn in favor of the commercial trader's direction. These figures may have changed since the time of government compilation. Expect the current gold rally and XAU index to top out soon. Commercials have been building extreme net-long position in this industrial metal, a bullish sign for economic health.