Tom McClellan(@McClellanOsc):The further point about my chart is that in yen futures, as in most, the commercials are the smart money. Bessent arrogantly proclaimed that he is "the house", and you can fight him if you want (on the yen intervention). It looks like the smart money traders are deciding to fight him, as they have made a dramatic lurch to the short side on this small rise in the yen's value.

2026.09.19 15:40

The further point about my chart is that in yen futures, as in most, the commercials are the smart money. Bessent arrogantly proclaimed that he is "the house", and you can fight him if you want (on the yen intervention). It looks like the smart money traders are deciding to fight him, as they have made a dramatic lurch to the short side on this small rise in the yen's value.

Tom McClellan@McClellanOsc

2026.09.19 14:27

The chart by @MacroCharts shows an inverse correlation. It would work better if the red plot were flipped upside down to show a positive correlation. Here is an example, using the commercials' net position. Notice also that allowing the plots to intrude into the vertical space of each other, but without stepping on each other, uses more of the chart space for data, allowing the viewer to better see the details vs. having each plot get its own segregated portion of the overall chart.