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2025-12-13 07:52:11
[The battle between bulls and bears intensifies, with institutions and speculators engaging in a "battle of offense and defense"] ⑴ Data released by the U.S. Commodity Futures Trading Commission on Friday showed that in the week ending November 18, equity fund managers slightly increased their net long positions in S&P 500 futures by 3,929 contracts to 907,446 contracts. ⑵ Meanwhile, equity speculators (often considered a contrarian or trend-following force in the market) significantly reduced their net short positions by 69,368 contracts to 354,262 contracts. ⑶ In terms of specific positions, fund managers held a total of 1,132,009 long contracts and 224,563 short contracts, with a large net long position, indicating that professional institutions maintain a bullish view on the overall outlook for U.S. stocks. (4) In contrast, speculators held 184,109 long positions and 538,371 short positions. Although the net short position decreased significantly, it still maintained a considerable net short position, indicating that their cautious or bearish sentiment, while easing, had not reversed. (5) The above position changes reveal a significant divergence among market participants: "smart money," represented by fund managers, firmly held long positions while slightly increasing their holdings, while trading desks, represented by speculators, were forced or actively covered a large number of short positions during the market rise, which may have alleviated some selling pressure for the market to continue rising.
