10 Year Treasury Note Speculators Turned Bullish Last Week
Zachary Storella | Jul 26, 2015 01:40AM ET
Weekly Large Trader COT Report: 10 Year US Treasury Note
CFTC Futures data shows speculators turned bullish on 10 Yr Notes
10 Year Treasury Note Non-Commercial Positions:
Large 10-year treasury note futures traders and speculators increased their overall positions last week to turn bullish on the 10-year treasury note for the first time since September of 2014, 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 the 10-year treasury notes, primarily traded by large speculators and hedge funds, totaled a net position of +27,400 contracts in the data reported for July 21st. This was a weekly change of +32,999 net contracts from the previous week’s total of -5,599 net contracts that was recorded on July 14th.
For the week, the overall standing long positions in 10-year futures advanced by +32,025 contracts and combined with a small decline in the short positions by -974 contracts to register the overall net change of +32,999 contracts for the week.
Speculative bets are now in bullish territory for the first time since September 23rd, 2014 when positions equaled +8,844 contracts.
10 Year US Treasury Note Commercial Positions:
In the commercial positions for the 10-year note on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) trimmed their overall bullish positions to a total net position of +129,440 contracts through July 21st. This is a weekly change of -16,360 contracts from the total net position of +145,800 contracts on July 14th.
IEF 7-10 Year Bond ETF:
Over the same weekly reporting time-frame, from Tuesday July 14th to Tuesday July 21st, the iShares 7-10 Year Treasury Bond (ARCA:IEF) ETF increased from 104.69 to 105.14, according to ETF data of the IEF iShares 7-10 Year Bond ETF.
Last 6 Weeks of Large Trader Positions
| Date | Open Interest | Change OI | Net Commercial Positions | Weekly Com Changes | Net Large Specs Positions | Weekly Spec Changes |
| 20150616 | 2670001 | -107577 | 253505 | 27072 | -96449 | -59870 |
| 20150623 | 2718883 | 48882 | 223503 | -30002 | -46736 | 49713 |
| 20150630 | 2718708 | -175 | 136505 | -86998 | -3504 | 43232 |
| 20150707 | 2725079 | 6371 | 148432 | 11927 | -32738 | -29234 |
| 20150714 | 2696755 | -28324 | 145800 | -2632 | -5599 | 27139 |
| 20150721 | 2732943 | 36188 | 129440 | -16360 | 27400 | 32999 |
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*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading 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).
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