Figure 2
------------------------------------------------------------------------------------------------------------------
COMMITMENTS OF TRADERS - LARGE HEDGERS, SPECULATORS AND SMALL TRADERS
Open Interest Positions Shown in Percent (Rounded) as of February 28, 1985
------------------------------------------------------------------------------------------------------------------
LARGE HEDGERS LARGE SPECULATORS SMALL TRADERS
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MARKETS Long Short Net Dgr Long Short Net Dgr Long Short Net Dgr
------------------------------------------------------------------------------------------------------------------
Cattle (Live) 26 42 -16 -5 4 8 -4 -13 66 46 +20 +18
------------------------------------------------------------------------------------------------------------------
Cocoa 81 78 +3 +24 6 5 +1 -9 11 15 -4 -13
------------------------------------------------------------------------------------------------------------------
Coffee 70 63 +7 +30 4 9 -5 -30 24 26 -2 -1
------------------------------------------------------------------------------------------------------------------
Copper 35 72 -37 +4 9 5 +4 -4 53 21 +32 -2
------------------------------------------------------------------------------------------------------------------
Corn 60 46 +14 +14 1 9 -8 -4 38 43 -5 -9
------------------------------------------------------------------------------------------------------------------
Cotton 56 30 +26 +7 4 19 -15 -3 38 50 -12 -5
------------------------------------------------------------------------------------------------------------------
Crude Oil (N.Y.) 79 41 +38 +3 7 32 -25 -7 13 27 -14 +3
------------------------------------------------------------------------------------------------------------------
Gold (Comex) 72 43 +29 +13 3 13 -10 -2 16 35 -19 +12
------------------------------------------------------------------------------------------------------------------
Heating Oil #2 58 47 +11 +8 18 8 +10 +13 23 44 -21 -21
------------------------------------------------------------------------------------------------------------------
Hogs 8 11 -3 +2 20 17 +3 -5 64 64 0 +3
------------------------------------------------------------------------------------------------------------------
Leaded Gas (N.Y.) 63 75 -12 -3 8 2 +6 +6 29 23 +6 -4
------------------------------------------------------------------------------------------------------------------
Lumber 20 29 -9 +12 10 12 -2 -1 69 58 +11 -10
------------------------------------------------------------------------------------------------------------------
Orange Juice 55 50 +5 +33 6 9 -3 -3 34 36 -2 -29
------------------------------------------------------------------------------------------------------------------
Platinum 58 77 -19 +7 14 6 +8 -3 27 16 +11 -4
------------------------------------------------------------------------------------------------------------------
Pork Bellies 12 11 +1 +5 26 21 +5 +2 43 49 -6 -7
------------------------------------------------------------------------------------------------------------------
Silver (Comex) 50 54 -4 +9 6 11 -5 -6 36 26 +10 -3
------------------------------------------------------------------------------------------------------------------
Soybeans 33 39 -6 +18 4 9 -5 -7 52 41 +11 -10
------------------------------------------------------------------------------------------------------------------
Soybean Meal 56 27 +29 +15 2 13 -11 -5 30 48 -18 -10
------------------------------------------------------------------------------------------------------------------
Soybean Oil 43 41 +2 +7 9 1 +8 -1 44 54 -10 -6
------------------------------------------------------------------------------------------------------------------
Sugar "11" 36 69 -33 -3 16 4 +12 +1 46 +25 +21 +3
------------------------------------------------------------------------------------------------------------------
Wheat (CHI) 33 31 +2 +23 3 13 -10 -11 57 49 +8 -13
------------------------------------------------------------------------------------------------------------------
Wheat (K.C.) 67 56 +11 -2 * 2 -2 +5 29 39 -10 -4
------------------------------------------------------------------------------------------------------------------
Wheat (Minn) 61 50 +11 +18 0 0 0 0 39 50 -11 -18
------------------------------------------------------------------------------------------------------------------
Eurodollars 69 63 +6 +4 3 9 -6 -3 23 23 0 -1
------------------------------------------------------------------------------------------------------------------
T-Bills (90) Days 56 49 +7 +27 8 4 +4 -9 29 39 -10 -18
------------------------------------------------------------------------------------------------------------------
T-Bonds 63 50 +13 +7 6 13 -7 +1 24 29 -5 -7
------------------------------------------------------------------------------------------------------------------
T-Notes 77 63 +14 +14 3 11 -8 -12 13 19 -6 -3
------------------------------------------------------------------------------------------------------------------
NYSE Composite 17 30 -13 +3 36 30 +6 +3 44 36 +8 -4
------------------------------------------------------------------------------------------------------------------
S&P 500 35 44 -9 +3 19 16 +3 +7 46 39 +7 -10
------------------------------------------------------------------------------------------------------------------
Value Line 1 18 -17 -13 22 31 -9 -11 72 47 +25 +23
------------------------------------------------------------------------------------------------------------------
British Pound 55 39 +16 +14 11 24 -13 -16 31 35 -4 +2
------------------------------------------------------------------------------------------------------------------
Deutsche Mark 40 61 -24 +26 25 10 +15 -11 31 22 +9 -14
------------------------------------------------------------------------------------------------------------------
Japanese Yen 36 31 +5 -10 21 33 -12 +4 42 35 +7 +5
------------------------------------------------------------------------------------------------------------------
Swiss Franc 36 47 -11 +15 22 15 +7 +4 36 32 +4 -20
------------------------------------------------------------------------------------------------------------------