Commercials -8373 (from -21936) Large Specs -2392 (from +10162) Small Specs +10765 (from +11774)
Commercials (51.3% of total o/i) - 48.8% of Longs, 53.8% of Shorts, balance minus 5.0
Large Specs (31.0% of total) - 30.3% of Longs, 31.7% of Shorts, balance minus 1.4Small Specs (17.7% of total) - 20.9% of Longs, 14.5% of Shorts, balance plus 6.4
Proportionally, Commercials have added slightly to Longs while reducing Shorts considerably. Large Specs have moved from nett long to nett short by both reducing Longs and adding to Shorts. Small Specs have changed little, but now find themselves holding all the Longs while faced with a combination of Commercials and Large Specs (both normally well capitalised) on the short side. If the market starts to slip, the move could be accelerated by this situation.