Replies to post #5266 on Options Wonderland

[jetlag]

Best - what do you mean by they are hedged ?
I argued this point - when one sees in the COT report commercial going long it is actually bearish (because it means they are short on equities).

I was told history's shown the other way around (2000, 2003), i.e. when they go long it's bullish.

How do you interpret this below (commercials, SPX), see their action in June?

Thanks
/jet

http://www.softwarenorth.net/cot/current/charts/SP.png