More "smart money" buying

As of Tuesday, hedgers in the major equity index futures were holding $42.7 billion worth of contracts. That's an all-time high. Over the past decade, large net long positions by this group have led to dramatically positive returns. The biggest caveats are that prior to the financial crisis, this data was not as effective, and it's difficult to make the case that we're in the same type of market environment as the last decade. Still, it's a continuation of a positive data point.