We began with agricultural or natural resource commodities, shifted to stocks, and will now take a peek at the British pound, a man-made or synthetic commodity. As shown in Figure 3.6, in mid-1999 the index of the commercials’ net position hit a historically high level, the highest amount of net buying done in the past 14 years. The commercials were buying everything in sight, suggesting that we might want to listen up and join them in the pursuit of a bull market.