Maris Research

10-Year Treasury Note Speculators Boosted Their Bullish Bets

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The non-commercial futures contracts of 10-Year Note futures, traded by large speculators and hedge funds, totaled a net position of 152,319 contracts in the data reported through November 17, 2020. This was a weekly rise of 57,703 net contracts from the previous week which had a total of 94,616 net contracts.

The week’s net position was the result of the gross bullish position (longs) gaining by 30,059 contracts (to a weekly total of 587,470 contracts) while the gross bearish position (shorts) fell by -27,644 contracts for the week (to a total of 435,151 contracts).

The 10-Year speculators sharply raised their bullish bets this week for a second consecutive week. The speculator position has now gained by a total of +158,009 net contracts in just the past two weeks and brings the current bullish standing to its highest level in the past one hundred and sixty weeks, dating all the way back to October 24th of 2017.

The large speculators’ Strength Index level (chart below), the current score for traders compared to levels of the past three years, shows that specs are currently at a Bullish-Extreme level with a score of 100.0 percent.

Speculators are seen as trend followers and usually trade in tandem with

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