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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: eddieww who wrote (46648)12/12/2000 1:49:18 PM
From: pater tenebrarum  Read Replies (2) of 436258
 
that is not true...they are NOT always net long, which was my point. heavily net short at the Oct. '98 bottom for instance. they never had a big net long position throughout the entire '90's bull market...nothing even remotely approaching the size of the current position. and they were completely wrong at every major turning point.

and yes, the commercials end up net short because the small and large speculators (not just J6p...the hedge funds are heavily net long too) have such a big net long position now...it is a zero sum game after all, there's a short for every long.

my own guess is that the commercials are indeed mostly hedging...front-running their own selling of stocks as it were.
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