Is There a Storming of the Bastille?

markets don't crash when people have a bunch of shorts on and they're overpaying for near turm protection. They crash when people get of those shorts adnat they stop buying puts, andwhe when the hedges come off. And that's when you open up the possibility forna further, bigger declines in the stock market and credit marketsand really risks assets broadly. The hedgefund community clearly went from net short to net long. Yet, we swung from a net short position of minus 39 thousand contracts to a net long position ofo 81 thousand contracts in a matter of weeks. This is speculative net lengt. This is hedge fund on activity here. There.