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10 Year Treasury Note Non-Commercial Positions:
Large speculators pulled back sharply from their highest bullish position since 2007 this week in the 10-year treasury note futures markets, 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 258,165 contracts in the data reported through May 30th. This was a weekly decline of -104,336 contracts from the previous week which had a total of 362,501 net contracts.
Ten year note speculative positions had raced from an overall net short position just seven weeks ago to the highest bullish position since 2007 on May 23rd at +362,501 contracts before this week’s sharp pullback.
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 -90,113 contracts this week. This is a weekly jump of 95,378 contracts from the total net of -185,491 contracts reported the previous week.
IEF 7-10 Year Bond ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 7-10 Year Treasury Bond ETF (IEF) closed at approximately $107.27 which was a change of $0.62 from the previous close of $106.65, 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
