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“Perhaps A Lot”: How Much “Smart” Money Ran Screaming After Last Week’s Crude Carnage?

How will these charts look once we get a read on how much smart money ran screaming to the exit after finding out that it's not a good idea to try and swing on a speculative limb when the weight of your collective position is likely to break said limb?

We've talked here at length about the extent to which "damn the fundamentals, I'm staying long" turned out to be a really, really bad idea with regard to crude. Here's how we illustrated the situation late last week in the immensely popular post "'Wait For Iiiit….' Crude’s Epic Collapse Is Warning Sign For Another Massively 'Consensus' Trade": https://twitter.com/heisenbergrpt/status/840225397543428096 Well, as it turns out, that spec long position was cut in WTI (albeit slightly) heading into last week's carnage, but needless to say, managed money net length was still massively long, which means some folks got massively f*cked. Hence the amusing visual representation shown above. The question now, of course, is what the picture will look like come Friday when positioning data is released for the week ending yesterday. Or, put differently, how will the following charts look once we get a read on how much smart money ran screaming to the exit after finding out that it's not a good idea to try and swing on a speculative limb when the weight of your collective position is likely to break said limb... Via SocGen Managed money net length as of Tuesday 7 March (reported on
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