The Weekly Tape

The written notes — one market, one week, read across season, the hedging program and term structure. The automated COT releases run in the Hedgers’ Ledger.

Each note takes one market and reads it against three signals: the season, the commercial hedging program from the CFTC's Commitments of Traders report, and the term structure of the futures curve. A market showing two of the three is left alone, which is why some weeks cover grains and some cover nothing but rates. The three-signal read sets out the method, and what it deliberately will not do.

2026

• Oct 3
  Lent, Not Spent
• Sep 17
  Priced to Pass
• Sep 12
  Failure to Confirm
• Sep 6
  The Cheaper Instrument
• Sep 1
  What Volume Buys
• Aug 31
  Bucketed
• Aug 28
  The Wrong End of the Curve
• Aug 27
  Priced in Dollars
• Aug 25
  Fifty Funds
• Aug 22
  The Calendar Had No Vote
• Aug 20
  The Bid of Last Resort
• Aug 20
  Who Sold Into It
• Aug 18
  Funded in Euros
• Aug 15
  Paid to Wait
• Aug 8
  The Warning Was Filed on Tuesday
• Aug 4
  Where the Metal Went
• Aug 1
  The Weekly Tape — the yen did not turn, it was turned
• Jun 27
  The Weekly Tape — the bond market's vote
• Jun 17
  The Tape Answers Back: A Hollow Advance
• Jun 14
  The Weekly Tape — The Dollar at the 100 Line
• Jun 11
  No Tape to Read: A Note on the SpaceX Listing
• Jun 9
  The Weekly Tape — June 9, 2026

All back issues →