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Yes, there are two position. I'm not sure why (perhaps there are some radio buffs out there) but the antenna changes position above a certain frequency -- around 96FM.
I have a UK conversion, so maybe different, but my aeriel extends differently between AM and FM. I think it goes a notch higher for FM, but it could the other way round....
but I notice it change height for EVERY station switch on FM (I don't listen to AM much but it does go highest for AM(...
I even pre-set 2 stations with the same station and guess what, it still changed height.. goofy thing... I heard it trys for optimum signal pick-up but this constant moving around just seems useless and asking for a part to break right after it is out of warranty...