Correcting the capitulation post of yesterday

Zerohedge chart only represents part of the facts as you can see below for yourself. It is always smart to check both categories hence also the mini contract as they often weirdly enough ( might explain that in a later post) act as antagonists - meaning they act just opposite to the other contract. So it makes sense to net them both out to see the real thing.
It is true that the big contract had a huge decrease regular contract on the short side for big speculators but for the same category we also had a huge decrease on the long side in the mini contract. The net effect big traders big contract was 66043 shorts terminated - on the other hand 192.914 net longs for big traders were terminated divided by 5 ( thats the factor between big and mini contarct ) 38583 in big contract terms. If you net out those 2 numbers we end up with 27.460 shorts being terminated for big traders which is not quite as big as zerohedge made it look - sorry for not double checking before I had it on my blog.

excerpt

S&P 500 STOCK INDEX - CHICAGO MERCANTILE EXCHANGE                    Code-138741
FUTURES ONLY POSITIONS AS OF 03/23/10                         |
--------------------------------------------------------------| NONREPORTABLE
     NON-COMMERCIAL      |   COMMERCIAL    |      TOTAL      |   POSITIONS
--------------------------|-----------------|-----------------|-----------------
 LONG  | SHORT  |SPREADS |  LONG  | SHORT  |  LONG  | SHORT  |  LONG  | SHORT
--------------------------------------------------------------------------------
(S&P 500 INDEX X $250.00)                            OPEN INTEREST:      309,880
COMMITMENTS
 23,525   29,729      317  208,848  212,900  232,690  242,946   77,190   66,934

CHANGES FROM 03/16/10 (CHANGE IN OPEN INTEREST:   -171,375)
 -1,342  -67,385   -7,081  -98,999  -86,508 -107,422 -160,974  -63,953  -10,401

PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS
    7.6      9.6      0.1     67.4     68.7     75.1     78.4     24.9     21.6

NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:      129)
     17       19        4       57       57       76       78

E-MINI S&P 500 STOCK INDEX - CHICAGO MERCANTILE EXCHANGE             Code-13874A
FUTURES ONLY POSITIONS AS OF 03/23/10                         |
--------------------------------------------------------------| NONREPORTABLE
     NON-COMMERCIAL      |   COMMERCIAL    |      TOTAL      |   POSITIONS
--------------------------|-----------------|-----------------|-----------------
 LONG  | SHORT  |SPREADS |  LONG  | SHORT  |  LONG  | SHORT  |  LONG  | SHORT
--------------------------------------------------------------------------------
($50 X S&P 500 INDEX)                                OPEN INTEREST:    2,348,917
COMMITMENTS
351,567  375,215   25,940  1644247  1710373  2021754  2111528  327,163  237,389

CHANGES FROM 03/16/10 (CHANGE IN OPEN INTEREST: -1,229,912)
-349,979 -157,065  -25,589 -768,207 -719,729 -1143775 -902,383  -86,137 -327,529

PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS
   15.0     16.0      1.1     70.0     72.8     86.1     89.9     13.9     10.1

NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:      451)
    103      100       31      136      172      253      289