Dear Sir, your concerns are more than justified, but they cannot constitute the basis of everyday trading.Based on the outstanding otc derivatives (hanging out for years now), we simply cannot trade the long side comfortably.(if at all).Therefore, the cautious traders who would overestimate the existance of those instruments in the books of numerous institutions, would obviously miss the whole bull market of the past years. Although I completely agree with you alerting the investment community of the pending perils, I prefer to ignore them when trading intra-day, and base my trading decisions solely to indicators that I have found to work for me .Needless to mention that I do not carry positions at home overnight, and perhaps this is why I conciously neglect such fundamentals.Thank you.