US 10-Year Speculators Return To Bearish Territory
Zachary Storella | Sep 06, 2014 01:27AM ET
Large Speculator 10 year note sentiment flips back to bearish levels
U.S. 10-Year Treasuries: Large futures market traders and speculators turned their overall net positions back into bearish territory last week after positions had become bullish for the first time since 2013, 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 -82,658 contracts in the data reported for September 2nd. This was a sharp weekly change of -90,598 net contracts from the previous week’s total of +7,940 net contracts that was recorded on August 26th.
For the week, standing long positions in 10-Year futures dropped by -35,646 contracts while the short positions rose by +54,952 contracts to register the overall net change of -90,598 contracts on the week.
The non-commercial 10-year treasury note positions were on the bullish side for the first time since July 30 2013 when net positions totaled +11,903 contracts before the turn back to bearish last week.
Over the weekly reporting time-frame, from Tuesday August 26th to Tuesday August 26th, the yield on the 10-Year treasury note advanced from 2.39 percent to 2.42 percent, according to data from the United States Treasury Department.
Disclaimer: 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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