sirwin - 9/16/2013 10:17 Lots of research on the question of whether big traders are indeed "another fundamental factor." In other words, does the flow of positions for the large traders in the COT predict where prices will go? The research is very clear on this point: NO. See my paper at this link for a detailed analysis:http://ageconsearch.umn.edu/handle/54547. I can provide a number of other papers as well that document the same result. COT positions do not predict the movement of daily or weekly commodity futures prices. Scott Irwin