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# The smart money just reversed bets against tech stocks in a huge way

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The smart money just reversed bets against tech stocks in a huge way
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The 33rd anniversary of the “Black Monday” stock-market meltdown is upon us, and if hedge-fund managers are scared of history repeating itself, you certainly wouldn’t know it from the massive overhaul in their positions they’ve undertaken over the past week.

Read: This is the last chart investors need to see right now

After establishing one of their biggest short positions in U.S. tech stocks in more than a decade earlier this month, hedge-fund managers poured their money into Nasdaq futures at a near-record rate, according to Commodity Futures Trading Commission data cited by Bloomberg.

Here’s what that breakneck reversal looks like:

The reversal left speculators net long technology stocks for the first time since the beginning of September, when traders began loading up on short positions in a move that grew to the most bearish levels since before the financial crisis, Bloomberg reported.

The S&P 500
SPX,
+0.01%
and blue-chip Dow Jones Industrial Average
DJIA,
+0.39%
are coming off a week that saw three straight days of declines. The tech-heavy Nasdaq Composite
COMP,
-0.36%
posted its first four-day losing streak since September.

But the bulls certainly appear to have the upper hand heading in to a new week, with futures on the Dow
YM00,
+0.59%,
Nasdaq
NQ00,
+0.79%
and S&P
ES00,
+0.66%
all pointing to a strong start.