Interesting to see the US Dollar up about 0.75% today, and commodities NOT following that move with a huge sell off.  Palladium, Silver, and Crude are all up around +2% today in spite of the dollar rally, while Cotton is up more than +5%.

While this divergence may be too little to late for managed futures as a whole in November (the dollar rally/commodity sell off has the Newedge CTA Index down about -2.8% through Friday);  any ability for commodities to rally while the dollar also does so may signal a strong underlying bid to the up trend most commodities have been in since the beginning of September.

If that is the case, there may be more gains for managed futures via the long side of commodities.  On the flip side, managed futures may need to see these up trends come to an end (hopefully with a whimper, not screaming lower) and new down trends emerge to see their next round of gains.  Stay tuned…