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To: Jim Willie CB who wrote (2844)	1/22/2003 2:56:49 PM
From: Little Joe	Read Replies (1) \| Respond to of 5423

Your post suggests something that has been rattling around in my mind for a while now. (lots of space to rattle there) The commercials it seems to me are the producers and the users. If all of these hedges are being lifted. It would seem that a lot of shorts should likewise be liquidated, but the commercials are at or near long term short, why isn't there a liquidation of their short position? does this somehow explain why we have the huge short position. In other words is this to hedge other non comex short contracts that are being liquidated? Am I Wacky??? Little joe