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C C O O M M M M I I T T M M E
C C O O M M M M I I T T M M E

CCOOMMMMIITTMMEENNTT OOFF TTRRAADDEERRSS RREEPPOORRTT

September 12, 2010

1555 NorthPark Drive #102 Weston, Florida 33326

www.horowitzandcompany.com

p 954-349-0800 f 954-349-1414

12, 2010 1555 NorthPark Drive #102 Weston, Florida 33326 www.horowitzandcompany.com p 954-349-0800 f 954-349-1414

CFTC Commitment of Traders

1,225

E-Mini S&P 500 Continuous 1,200 1,175 1,150 1,125 1,100 1,075 1,050 1,025 20-Day Moving Average
E-Mini S&P 500 Continuous
1,200
1,175
1,150
1,125
1,100
1,075
1,050
1,025
20-Day Moving Average
50-Day Moving Average
1,000
3,000
Net Contracts Long
Net Commitment of Traders
2,000
1,000
0
-1,000
-2,000
Net Contracts Short
-3,000

01/15/10

9/12/2010

02/05/10

02/26/10

03/19/10

04/09/10

04/30/10

9/12/2010 02/05/10 02/26/10 03/19/10 04/09/10 04/30/10 Non-Commercial Commitment (Speculators) 05/21/10 06/11/10

Non-Commercial Commitment (Speculators)

05/21/10

06/11/10

Commercial Commitment

07/02/10

07/23/10

08/13/10

Non-Reportable Commitment (Retail)

09/03/10

( x100 )

05/21/10 06/11/10 Commercial Commitment 07/02/10 07/23/10 08/13/10 Non-Reportable Commitment (Retail) 09/03/10 ( x100 )

E-Mini S&P 500

NetE-Mini S&P 500 Non - Commercial Commitment of Traders E-Mini S&P 500 Long E-Mini S&P 500

Non - Commercial Commitment of Traders E-Mini S&P 500 Long E-Mini S&P 500 Short 0.8
Non - Commercial Commitment of Traders
E-Mini S&P 500 Long
E-Mini S&P 500 Short
0.8
0.6
0.4
0.2
0
-0.2
-0.4
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions
Net Commercial Commitment of Traders E-Mini S&P 500 Long E-Mini S&P 500 Short 3.5 3
Net
Commercial Commitment of Traders
E-Mini S&P 500 Long
E-Mini S&P 500 Short
3.5
3
2.5
2
1.5
1
0.5
0
-0.5
-1
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions

Source: CFTC/Horowitz & Company

Source: CFTC/Horowitz & Company

N e t Net

Non-Reportable Commitment of Traders E-Mini S&P 500 Long E-Mini S&P 500 Short 0.8 0.6 0.4
Non-Reportable Commitment of Traders
E-Mini S&P 500 Long
E-Mini S&P 500 Short
0.8
0.6
0.4
0.2
0
-0.2
-0.4
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions

9/12/2010

Source: CFTC/Horowitz & Company

E-Mini S&P 500

Commitment of Traders

Net Non-Commercial

Net Commercial

Net Non-Reportable

0.6 0.5 0.4 0.3 0.2 0.1 0 -0.1 -0.2 -0.3 -0.4 Jan-08 Jun-08 Nov-08 Apr-09
0.6
0.5
0.4
0.3
0.2
0.1
0
-0.1
-0.2
-0.3
-0.4
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions

Source: CFTC/Horowitz & Company

-0.2 -0.3 -0.4 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Millions Source: CFTC/Horowitz & Company

CFTC Commitment of Traders

88

WTI Crude Continuous

86 84 82 80 78 76 74 72 70 68 66 64 20-Day Moving Average
86
84
82
80
78
76
74
72
70
68
66
64
20-Day Moving Average
50-Day Moving Average
62
2,000
Net Contracts Long
Net Commitment of Traders
1,000
0
Net Contracts Long Net Commitment of Traders 1,000 0 Net Contracts Short -1,000 -2,000 01/15/10 02/05/10

Net Contracts Short

-1,000

-2,000

01/15/10

02/05/10

02/26/10

03/19/10

04/09/10

04/30/10

05/21/10

06/11/10

07/02/10

07/23/10

08/13/10

09/03/10

05/21/10 06/11/10 07/02/10 07/23/10 08/13/10 09/03/10 Non-Commercial Commitment (Speculators) Commercial

Non-Commercial Commitment (Speculators)

Commercial Commitment

Non-Reportable Commitment (Retail)

( x100 )

9/12/2010

Non-Commercial Commitment (Speculators) Commercial Commitment Non-Reportable Commitment (Retail) ( x100 ) 9/12/2010

Millions

WTI Crude Oil

NetMillions WTI Crude Oil Non - Commercial Commitment of Traders WTI Oil Long WTI Oil Short

Non - Commercial Commitment of Traders WTI Oil Long WTI Oil Short 0.4 0.35 0.3
Non - Commercial Commitment of Traders
WTI Oil Long
WTI Oil Short
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
-0.05
-0.1
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions

Source: CFTC/Horowitz & Company

Net Commercial Commitment of Traders WTI Oil Long WTI Oil Short 1 0.8 0.6 0.4
Net
Commercial Commitment of Traders
WTI Oil Long
WTI Oil Short
1
0.8
0.6
0.4
0.2
0
-0.2
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Source: CFTC/Horowitz & Company

NetSep-09 Feb-10 Jul-10 Source: CFTC/Horowitz & Company Non-Reportable Commitment of Traders WTI Oil Long WTI Oil

Non-Reportable Commitment of Traders WTI Oil Long WTI Oil Short 0.16 0.14 0.12 0.1 0.08
Non-Reportable Commitment of Traders
WTI Oil Long
WTI Oil Short
0.16
0.14
0.12
0.1
0.08
0.06
0.04
0.02
0
-0.02
-0.04
-0.06
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions

9/12/2010

Source: CFTC/Horowitz & Company

WTI Oil

Commitment of Traders

Net Non-Commercial

Net Commercial

Net Non-Reportable

0.2 0.15 0.1 0.05 0 -0.05 -0.1 -0.15 -0.2 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10
0.2
0.15
0.1
0.05
0
-0.05
-0.1
-0.15
-0.2
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions

Source: CFTC/Horowitz & Company

-0.15 -0.2 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Millions Source: CFTC/Horowitz & Company

CFTC Commitment of Traders

138

US Long Bond Continuous 20-Day Moving Average 50-Day Moving Average
US Long Bond Continuous
20-Day Moving Average
50-Day Moving Average

136

134

132

130

128

126

124

122

120

118

116

114

Net Contracts Long Net Commitment of Traders
Net Contracts Long
Net Commitment of Traders

Net Contracts Short

01/15/10

02/05/10

02/26/10

03/19/10

04/09/10

04/30/10

05/21/10

06/11/10

07/02/10

07/23/10

08/13/10

09/03/10

2,000

1,000

0

-1,000

-2,000

07/23/10 08/13/10 09/03/10 2,000 1,000 0 -1,000 -2,000 Non-Commercial Commitment (Speculators) Commercial

Non-Commercial Commitment (Speculators)

Commercial Commitment

Non-Reportable Commitment (Retail)

( x100 )

9/12/2010

-2,000 Non-Commercial Commitment (Speculators) Commercial Commitment Non-Reportable Commitment (Retail) ( x100 ) 9/12/2010

30-Year Bond

Net30-Year Bond Non - Commercial Commitment of Traders 30-Year Bond Long 30-Year Bond Short 0.4 0.3

Non - Commercial Commitment of Traders 30-Year Bond Long 30-Year Bond Short 0.4 0.3 0.2
Non - Commercial Commitment of Traders
30-Year Bond Long
30-Year Bond Short
0.4
0.3
0.2
0.1
0
-0.1
-0.2
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions
Net Commercial Commitment of Traders 30-Year Bond Long 30-Year Bond Short 0.8 0.7 0.6 0.5
Net
Commercial Commitment of Traders
30-Year Bond Long
30-Year Bond Short
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
-0.1
-0.2
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions

Source: CFTC/Horowitz & Company

Source: CFTC/Horowitz & Company

Net& Company Source: CFTC/Horowitz & Company Non-Reportable Commitment of Traders 30-Year Bond Long

Non-Reportable Commitment of Traders 30-Year Bond Long 30-Year Bond Short 0.25 0.2 0.15 0.1 0.05
Non-Reportable Commitment of Traders
30-Year Bond Long
30-Year Bond Short
0.25
0.2
0.15
0.1
0.05
0
-0.05
-0.1
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions

9/12/2010

Source: CFTC/Horowitz & Company

30-Year Bond

Commitment of Traders

Net Non-Commercial

Net Commercial

Net Non-Reportable

0.2 0.15 0.1 0.05 0 -0.05 -0.1 -0.15 -0.2 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10
0.2
0.15
0.1
0.05
0
-0.05
-0.1
-0.15
-0.2
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions

Source: CFTC/Horowitz & Company

-0.15 -0.2 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Millions Source: CFTC/Horowitz & Company

CFTC Commitment of Traders

128

US 10 Year Note Continuous

CFTC Commitment of Traders 128 US 10 Year Note Continuous 20-Day Moving Average 50-Day Moving Average

20-Day Moving Average

50-Day Moving Average

126

124

122

120

118

116

114

Net Contracts Long Net Commitment of Traders
Net Contracts Long
Net Commitment of Traders

Net Contracts Short

01/15/10

02/05/10

02/26/10

03/19/10

04/09/10

04/30/10

05/21/10

06/11/10

07/02/10

07/23/10

08/13/10

09/03/10

4,000

3,000

2,000

1,000

0

-1,000

-2,000

-3,000

-4,000

4,000 3,000 2,000 1,000 0 -1,000 -2,000 -3,000 -4,000 Non-Commercial Commitment (Speculators) Commercial

Non-Commercial Commitment (Speculators)

Commercial Commitment

Non-Reportable Commitment (Retail)

( x100 )

9/12/2010

-4,000 Non-Commercial Commitment (Speculators) Commercial Commitment Non-Reportable Commitment (Retail) ( x100 ) 9/12/2010

10-Year Note

N e t Net

Non - Commercial Commitment of Traders 10-Year Bond Long 10-Year Bond Short 0.4 0.3 0.2
Non - Commercial Commitment of Traders
10-Year Bond Long
10-Year Bond Short
0.4
0.3
0.2
0.1
0
-0.1
-0.2
-0.3
-0.4
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions
Net Commercial Commitment of Traders 10-Year Bond Long 10-Year Bond Short 1.8 1.6 1.4 1.2
Net
Commercial Commitment of Traders
10-Year Bond Long
10-Year Bond Short
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
-0.2
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions

Source: CFTC/Horowitz & Company

Source: CFTC/Horowitz & Company

Non-Reportable Commitment of Traders

Net N e t 10-Year Bond Long 10-Year Bond Short 10-Year Bond Long 10-Year Bond Short

0.5 0.4 0.3 0.2 0.1 0 -0.1 -0.2 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10
0.5
0.4
0.3
0.2
0.1
0
-0.1
-0.2
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Millions

9/12/2010

Source: CFTC/Horowitz & Company

Millions

10-Year Bond

Commitment of Traders

Net Non-Commercial

Net Commercial

Net Non-Reportable

0.4 0.3 0.2 0.1 0 -0.1 -0.2 -0.3 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10
0.4
0.3
0.2
0.1
0
-0.1
-0.2
-0.3
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Source: CFTC/Horowitz & Company
0.2 0.1 0 -0.1 -0.2 -0.3 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Source: CFTC/Horowitz &
1555 NorthPark Drive #102 Weston, Florida 33325 p 954-349-0800 f 954-349-1414 Notice and Disclaimer This

1555 NorthPark Drive #102 Weston, Florida 33325

p 954-349-0800

f 954-349-1414

Notice and Disclaimer

This material is provided for information only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or financial instrument. This material is not a complete analysis of all material facts respecting any issuer, industry or security or of your investment objectives, parameters, needs or financial situation, and therefore is not a sufficient basis alone on which to base an investment decision. Horowitz & Company and its affiliates may have positions (long or short), effect transactions or make markets in securities or financial instruments mentioned herein (or options with respect thereto), or provide advice or loans to, or participate in the underwriting or restructuring of the obligations of, issuers mentioned herein. Moreover, a Horowitz & Company trading desk may have acted on the basis of this material. The information contained herein is as of the date and time referenced above and Horowitz & Company does not undertake any obligation to update such information. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Past performance is not indicative of future results. The investments discussed may fluctuate in price or value. Changes in rates of exchange may have an adverse effect on the value of investments. Transactions involving financial instruments mentioned herein may not be suitable for all investors