10-Year Note Speculators continued to decrease their bearish bets for 2nd week

September 21, 2019

September 21st – By CountingPips.comReceive our weekly COT Reports by Email

10-Year Note Non-Commercial Speculator Positions:

Large bond speculators decreased 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 -229,963 contracts in the data reported through Tuesday September 17th. This was a weekly change of 70,470 net contracts from the previous week which had a total of -300,433 net contracts.

The week’s net position was the result of the gross bullish position (longs) going up by just 444 contracts (to a weekly total of 623,614 contracts) while the gross bearish position (shorts) dropped by -70,026 contracts for the week (to a total of 853,577 contracts).


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The 10-year speculators reduced their bearish positions by over twenty percent this week for a second straight week and by a total of 147,904 net contracts over these past 2 weeks. In fact, the bearish position has also declined in four out of the past five weeks and by a total of 184,383 contracts in that time-frame.

Despite the recent pullbacks, the speculator net position remains in bearish territory although at the least bearish level since April 2nd.

10-Year Note Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 197,395 contracts on the week. This was a weekly decline of -45,689 contracts from the total net of 243,084 contracts reported the previous week.

10-Year Note Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 10-Year Note Futures (Front Month) closed at approximately $129.35 which was a drop of $-0.79 from the previous close of $130.15, 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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