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To: marginmike who wrote (103353)	8/28/2001 11:37:57 PM
From: Jon Koplik	Respond to of 152472

Re : commitment of traders report -- a "splitting of hairs" detail : Although I have not seen a COT report for many years now, IF it is reported the same way it used to be reported, the two categories are actually : spec. and hedge (Spec. being speculative). Every commodity futures trading account, when opened, is coded either "spec" or "hedge." Pretty much anyone posting on SI, or anyone bragging at a cocktail party ... would be a spec. account. Examples of hedge accounts would be : Nabisco (grain futures) Goldman Sachs (T-bond futures) McDonald's (live cattle futures). Another word often used interchangeably with hedge (account) is "commercial." But, common sense is correct that another word for hedge accounts is just : "large." Jon.