Remember how I mentioned that the commercials are always in the marketplace, day in and day out? That’s an important consideration. Since they are mining gold every day, cutting trees for lumber, or feeding cattle, they must, by the nature of their ongoing businesses, be constantly hedging their positions. This means that even in a down market that goes lower they will be buyers, or in an up market they will be sellers (on the hedge side). They are always there, buying and selling through their hedging operations.