meaningful? 'alchemy of trading' seems to think it represents a large ammount of potential buying power when public is forced to cover
how low is it right now? Personally, Until the market confirms it is going up, there is no reason for it to be rallying, It still has to twinkle above 2000 to even appear that its in rallying mode
Spec short ratio has had a decent record for picking tops and bottoms, but like other sentiment measures, it is more for longer term moves. Apparently, recent figures have been totally off the scale, leading to some questions as to whether the data are comparable or if something has distorted them.