Zeev's Turnips Patch-No Politics (ZEEV)

[hightecheast]

Actually, the SP commercials are net long for the first time since March 24, 2000.

As impressive as moving from 59,823 contracts net short around February 14 to net long by 9,523 contracts now, a secular bullish move is not nearly set-up. Not that it means one will not happen.

The SP commercials will probably continue to build their net long positions (they are almost always early or very early) until we start a significant rally in October or so. Until then, I think we have a lot of downhill left (with an Iraq "victory" rally thrown in somewhere).

I am cautious, but bearish as I have been since Spring, 2000.

Ken Wilson