Buy or Sell?
The 33rd anniversary of the stock market crash on Black Monday is just around the corner, and if hedge fund managers fear history repeats itself, they certainly wouldn't know by the massive overhaul of their positions they are in Made last week.
Read: This is the last chart investors need to see right now
After building one of their largest short positions in US technology stocks in more than a decade earlier this month, hedge fund managers poured their money into Nasdaq futures at a near-record breaking point, according to Nasberg data from the Commodity Futures Trading Commission.
Here's what this breakneck reversal looks like:
The reversal left speculators net long tech stocks for the first time since early September, when traders began to add short positions, which rose to its most bearish level since pre-financial crisis, Bloomberg reported.
The S&P 500
and blue-chip Dow Jones Industrial Average
come from a week in which three days in a row were in decline. The tech-heavy Nasdaq Composite
had his first four-day losing streak since September.
But the bulls certainly seem to have the upper hand for another week with futures on the Dow
and S & P.
all point to a strong start.