The Hightower Report said, “The market pulled back Friday after plummeting to new contract lows earlier last week on heavy volume. As expected, COT data showed managed money increased their net short positioning to a record high just over 47,000 contracts. The sharp break late last week means the managed money net short total is likely even larger now. Open interest jumped a little less than 4,500 contracts and continues to increase to new highs for the year.”