DislikedThe way I understood COT reports and the Commercials activity from Larry Williams and Stephen Briesse, is that the Commercials are the "Smart Money" in the futures business. Large Speculators and Small Speculators are on the other side of the Commercials' orders.
The idea they presented (as i understood) was that the Commercials have entire teams of researchers and the best idea of the real world supply/demand factors for their specific asset (cocoa, wheat, lumber, gas, currencies, etc). They are not in the markets to speculate, they are there...Ignored
All the best!