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

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Gold shorts are near a record high as saturating bearishness sets in.

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The lead-in chart, also posted yesterday, shows the progression of treasury shorts. Let's now look at yields and timing.

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Zerohedge has an interesting post out today called Treasury Specs Are So Short, It Is Now A 4 Sigma Event. Let’s take a look at his charts and a couple of mine.

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Hello Treasury Bears: 10-Year Bond Yield Approaching Record Low Yield

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30-Year and 10-Year Treasury Yields Approach Record Lows

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30-Year Bond Yield Just a Hair from Record Low, 2-10 Yield Spread Near Inversion

Bond yields resumed their post-FOMC crash today after a weak two-day respite. Inversions strengthened across the board.