A Huge Potential Tailwind For Bonds?

As one might imagine, the collapse in bond prices has had quite an impact on traders' sentiment and positioning. In fact, if we shift to the 10-Year T-Note futures market, we find that Speculators have pulled a 180 and now hold their largest net-short position of all-time – by a lot. At a net-short position of nearly 400,000 contracts, it is more than 100,000 larger than any other in history.