Weekly Visual CFTC Commitment Of Traders Summary - September 24: Treasury Spec Contracts At 2010 High
Before we present the traditional weekly charts summarizing the CFTC's Commitment of Traders report, we would like to present the literal surge in net spec positions in US Treasuries, across the 2, 5, and 10-Year spectrum. For the first time in 2010, net non-commercial spec positions for all three series are positive, and the cumulative across the three has surged to a 2010 high of 190,264 contracts. There may not be a bubble in treasuries (there is), but with every speculator now openly betting on a continued rise in USTs, it means someone has to take the other side of the trade. Kinda like when all those hedge funds holding Apple are hoping that nothing ever happens to Steve Jobs. (perhaps the irony that the fate of Apple and thus of the entire US stock market, rests in the fate of one very, very thin man, is worthy of its own post).
And here are the traditional COT charts, courtesy of Libanman Futures.