10-Year Note Speculators pulled back on their bearish bets for 3rd time in 5 weeks

December 14, 2019

December 14th – By CountingPips.comReceive our weekly COT Reports by Email

10-Year Note Non-Commercial Speculator Positions:

Large bond speculators pared 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 -178,921 contracts in the data reported through Tuesday December 10th. This was a weekly change of 42,974 net contracts from the previous week which had a total of -221,895 net contracts.

The week’s net position was the result of the gross bullish position (longs) dropping by -52,998 contracts (to a weekly total of 649,320 contracts) while the gross bearish position (shorts) declined by -95,972 contracts for the week (to a total of 828,241 contracts).


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Large 10-year speculators cut back on their bearish bets for the third time in the past five weeks. The decline in bearish positions brings the overall bearish level back under the -200,000 net contract standing for the fourth time in the past five weeks. Overall, the 10-year position has now been in bearish territory for one-hundred and four straight weeks.

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 217,135 contracts on the week. This was a weekly drop of -24,784 contracts from the total net of 241,919 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 $128.92 which was a drop of $-1.10 from the previous close of $130.03, 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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