Haligonian, best to look at net positions, as you suggest. Realize that the Managers (green) are trend followers, so no surprise. However, let's consider the Commercials (red), who live this market 24/7. What are they up to? In 08, they swithched gears and chased price up. But now, at a 10+ year extreme, likely all-time, short seem quite happy to supply any and all takers, including Managers. Why is 'the' fundamental player fading this move now? One more thing............news is always bull at tops, always been that way. CO