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10 Year Treasury Note Non-Commercial Positions:
Large speculators and traders reduced their net bearish positions in the 10-year treasury note futures markets last week for the third time out of the last four weeks, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of 10-year treasury note futures, traded by large speculators and hedge funds, totaled a net position of -304,577 contracts in the data reported through February 7th. This was a weekly change of 49,074 contracts from the previous week which had a total of -353,651 net contracts.
Speculative net bearish positions have now fallen by roughly 90,000 contracts in the past five weeks after speculators built up a record short net position on January 10th at -394,689 contracts.
10 Year Treasury Note Commercial Positions:
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The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 524,122 contracts last week. This is a weekly change of -1,791 contracts from the total net of 525,913 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 7-10 Year Treasury Bond ETF (IEF) closed at approximately $105.5 which was a slight edge up of $0.45 from the previous close of $105.05, according to ETF market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the previous Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
Article by CountingPips.com