Flat. I'm usually market neutral most of the time anyway, at least as they pertain to hard deltas. If I'm net long or short, it's only through soft deltas.
Obviously you dont know me or my record, I have been long the dow mini futures contract since 11300 and sold 2/3 of my position at 12000, then closed the remaining 1/3 shortly after. since then I am flat index futures, and have been trading from the long side in the electronic soybean market. No I am not short the US index futures, nor am I buying up here.
I agree with you, but your statement has little to do with the published SI unless you take into account the total float.