The first step in reducing a position is to take a full inventory.

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Recently Mr. Gross has cut back a bit on Treasurys, reducing his position in February by a percentage point from 38% in January.

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The second reason for a firm no-tax increase position is that higher taxes are a very ineffective way of reducing budget deficits.

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In terms of the austerity plan, I think what we see is that both of our nations have a strong commitment to sustaining a strong economic recovery and a strong commitment to reducing deficits, and that's the position of the U.S. government, that's the position of the British government.

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Producers cut a large number of gross shorts and added gross longs, reducing their net short position.

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Certainly, if your long position is too large to let you sleep at night, reducing it when prices are rising is a good idea.

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