... the "commercial" traders for the big S&P ...
# of contracts net long/short ... with % change from previous week.
11/05/04 ... +4,516
11/12/04 ... -1,372 ... -130%
11/19/04 ... -5,899 ... -330%
11/26/04 ... -28,976 ... -391%
12/03/04 ... -29,419 ... -2%
12/10/04 ... -47,895 ... -65%
The "commercials" are now net-short about $912 million. Betting against them is not a good idea.
Not too bullish for equities into 2005.
Ken Wilson