$H The large account’s positioning has already put the matter to rest—the long/short ratio in its holdings has widened to more than double. Seventy percent of positions are effectively welded to longs, while the long side is still adding up. This is not hesitation; it’s real money placing a bullish bet. The fall in the number of accounts can’t scare people—it’s acting like a hedge on the fence; only what remains is the main force. The more they shake it out, the harder the stance gets. Its market value has squeezed into the global top 100; of the shares on the market, only a bit more than 30% are actually tradable. Scarce float matching with a heavy allocation to long positions—I’m on the long side.