We have witnessed another test of the neckline defended by significant inflows in the 10- and 30-year.
Shrewd readers have probably anticipated the resurrection of the "Goldilocks" spin. The economic recovery is not too hot as to trash bonds despite the fundamentals, and not too cold to perturb perceptions.
Smart money doesn't care about spin, because it knows that no market can be "controlled" contrary to the dominant trend. This is why the battle, here and now, is so important. Once a technical top is recognized, the game, spin, and bets will be quickly changed.
Watch this one close.
US 10 Year (7-10 Years) and the Commercial Traders COT Futures and Options Stochastic Weighted Average of Net Long As A % of Open Interest:
US TBd (20 Years +) and the Commercial Traders COT Futures and Options Stochastic Weighted Average of Net Long As A % of Open Interest:
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