Being fairly new to the markets I would like to see if I have a correct understanding of some things. Is it correct that stocks and bonds are basically long the market? I understand that you can borrow stocks and short them but the huge majority of them are owned for the longer term. Bonds too are owned and held for the longer term. Futures on the other hand are equally devided long and short at any given moment. So overall the huge majority of holdings are long and suffer when their market goes down. Is this correct? So even in a bear market the majority of ownership is long which means that most of the markets swings are due to speculators as the owners only want their market to go up. So basically the minority causes the fluctuations in the markets.