Monday, August 16, 2010

Short-Covering Rally in Treasuries Makes them Less of a Buy

The Commitment of Traders reports for the 30 year Treasury Bond and 10 year Treasury Note show that the large speculators (who were positioned incorrectly all year) have now covered their short positions in these bonds.

That makes them less of a screaming buy than they were earlier this year when I was pounding the table about Treasuries.

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