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What is the "Reflatometer"?
The Reflatometer combines the signal from speculative futures positioning across commodities, currencies, fixed income, and equities to provide a broad-based perspective on the prevailing macro sentiment picture.
We take net positioning in non-commercial futures, standardize it against total open interest and take a z-score to make them comparable across time and markets.
The composite view is designed to give an indication of the level of macro optimism in the system. The best signals from this indicator come when it reaches extremes.
Last updated: 31 January 2023
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