Commitment of Traders Optimism

Ain't got no regrets
And I ain't losing track
Of which way I'm going
Ain't gonna double back
--Lou Gramm

Commitment of traders (COT) data suggest a healthy dose of optimism among equity index futures traders. Traders have not been this long S&P futes in years.

Traders have only been persistently long in three periods over the past five years: late 2006 as we were putting in a rounding top prior to the credit collapse, late 2008 into the lows of the selling cascade, and now.

position in SPX