10-Year Note Speculators sharply boosted bearish bets to highest in a year

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10-Year Note Non-Commercial Speculator Positions:

Large bond speculators strongly increased their bearish net positions in the 10-Year Note futures markets this week, 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 Note futures, traded by large speculators and hedge funds, totaled a net position of -342,889 contracts in the data reported through Tuesday February 27th. This was a weekly lowering of -128,409 contracts from the previous week which had a total of -214,480 net contracts.

The speculative net position is at the most bearish level of the recent cycle when the net position turned bearish on December 19th. Overall, the current bearish level is the most bearish point since February 28th 2017 when net positions totaled -409,659 net contracts.

10-Year Note Commercial Positions:

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The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 631,797 contracts on the week. This was a weekly advance of 146,291 contracts from the total net of 485,506 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 $101.77 which was a rise of $0.03 from the previous close of $101.74, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent 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).

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