Barclays Capital calls the drop in speculative positions primarily profit-taking and some establishing of fresh short positions.

FORBES: FOCUS: Speculators Scurry From Precious, Base Metals - CFTC

Even if you never show a profit, you can claim your losses if you can show you had good reason to believe you might make money--a chance for a substantial profit in a speculative venture is enough--and adjusted your strategy or quit the business when it didn't pan out.

FORBES: Investment Guide

Jabil, he says, is a "speculative investment, " partially because of concerns he has about profit margins.

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Speculative sellers who had bought at high prices to sell at a profit found themselves with worthless goods on their hands.

BBC: Of bulbs and bubbles