Hedge funds have pulled back from one of the biggest short positions in US tech stocks in over a decade, in a near-record buying spree of Nasdaq futures last week.

Net speculative positions in Nasdaq 100 mini contracts surged by the most in more than 13 years in the week to 13 October, according to the latest Commodity Futures Trading Commission data. The increase was the second biggest on record in data going back to 1999 and left speculators net long the futures for the first time since the beginning of last month.

The buying frenzy comes after fast-money accounts had driven net short bets to the highest since before the financial crisis during September.

The US tech gauge has risen over 9% from its 23 September low amid signs of a return of bullish options activity that helped push it to an all-time high earlier that month. It remains about 5% below that record. — Reported by Gregor Stuart Hunter, (c) 2020 Bloomberg LP