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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: marginmike who wrote (36950)11/13/2000 3:49:21 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
70. in any case, the changes are cosmetic. it remains the second highest commercial net short position in history.
as we approach the lows, their position should slowly swing from net short to net long. that said, what's so remarkable is that the current decline is the first time since the 80's that they HAVEN'T bought a decline. even in '98, when it looked like the world might be ending, they went net long a huge 40K or so contracts by the time of the October lows. my guess is this means a rescue by the Fed is still a long way off. and why should they do something? after all, the reason for the collapse isn't the seizing up of credit markets primarily...it's more a case of earnings doing a disappearing act, or rather earnings growth.
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