This level would allow long positions to be initiated with low risk. Well, we got exactly what we wanted from the Fed. Kind of a boring day really. Volatility was virtually non-existent except for about 25 minutes, and then the VIX.X settled right back at 27.34. Heck, it might even give us a catalyst to trade out of this range, but it's beginning to feel like the summertime lulls.
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. We could see fluctuation of positions oscillate up and down for weeks or even months to follow.