CTA's - What's the Overall Outlook?

There's been a chase for the upside this year with sentiment and positioning seeing a quick shift. The S&P has moved lower since February 2nd, which was the day of call option volume trading at record levels. CTA's or commodity trading advisors is a category within the hedge fund industry that trades futures and options on a whole range of financial assets. As the trend has turned, they will have trigger points where they will need to sell and therefore CTA's are a near term headwind for the market.