The Massive Spec Treasury Short Is Still… Well… Pretty Massive

As you're surely aware, keeping up with the CFTC positioning data is mandatory these days. It's kind of like Trump's Twitter feed. You don't want to watch it, but you have to if you hope to have a clue about what's going on. Last month we saw the massive spec Treasury short hit 4 standard deviations - so, a multi-sigma event. And speaking of "deviations," we saw a massive discrepancy between specs and real money in 5Y futs. "The real money always prevails," they'll tell you. Well the latest