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I see reports of new record shorts but I think we slightly missed the mark.

Big Specs

  • In the past month, the number of long contracts fell from 535,849 to 526,182
  • In the past month, the number of short contracts rose from 891,173 to 1,035,680. That's a new record.
  • Current Net Short: 509,498. That's a new record.
  • Net Short Increase Since June 26: 154,174

Small Specs

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  • In the past month, the number of long contracts fell from 340,606 to 332,585
  • In the past month, the number of short contracts rose from 508,636 to 521,591
  • Current Net Short: 189,006.
  • Net Short Increase Since June 26: 20,976

Big Specs + Small Specs are net short a combined 698,504. That is slightly under the May 29 Net Short Total of 699,183. (Scroll down to find 10-year-Treasuries).

When this economy turns, the recent treasury bears will get blown out of the water.

Mike "Mish" Shedlock