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Alternative Market Briefing

Investors now net short S&P500 and increased Russell shorts, technicals suggest further selling

Tuesday, August 19, 2014

Komfie Manalo, Opalesque Asia:

Market Neutral funds increased their market exposure to -1% net short from -6% net short last week, according to Bank of America Merrill Lynch’s Hedge Fund Monitor.

The report also added that equity long/short market exposure decreased to 34% net long from 37% net long; above the 35-40% benchmark level, while macro funds reduced their long exposure in S&P500 and NASDAQ. "They increased their long exposure in Commodities. They also increased USD exposure and decreased 10-yr short exposure. Additionally, they reduced their large cap tilt. Overseas, they increased their emerging market long exposure," the report said.

Key takeaways this week

  • Speculators decrease S&P500 positioning to net short and increased Russell shorts. MAA and technicals suggest further selling.
  • Gold net long position close to one year high, silver sold for fourth week. Gold buying and silver selling are likely to continue.
  • Crude net long positioning reduces for seventh consecutive week, MAA and technicals recommend remaining bearish.
  • Hedge funds are up 0.40% for the week as CTA advisors top hedge fund indices.

The report also cited data from the Commodity Futures Trading Commission showed that large speculators sold S&P500 to net short. They also decreased NASDAQ longs and increased Russell shorts. MAA suggests S&P500 and Russell shorts may increase and tech......................

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