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To: sammaster who wrote (14546)	8/29/2000 2:08:55 PM
From: AllansAlias	Read Replies (1) \| Respond to of 436258

As we flush, sorry, consolidate the NASDAQ here, you reminded me of the COT report. It looks like the commercials have been/are unwinding their short position. It is still high, down significantly from the all-time high. Message 14276965

To: sammaster who wrote (14546)	8/29/2000 2:42:54 PM
From: pater tenebrarum	Respond to of 436258

they have already covered part of the position...but it's still huge by historical standards, near a record. it still means we're apt to get a huge breakdown eventually...they're only early, as they often are. to give you an example: the last time a commercial record net short spoo position was seen during the mania was in April of '98. they then proceeded to cover part of it into the July top, but remained net short. the rest is history... another example are NDX futures: the timing was a bit better in those. the speculators were record net long (and conversely the commercials record net short) right at the top.