Solving The Mystery Of The Big 2Y Short: ‘It’s Too Damn Rich!’

Look, here's the thing: spec positioning in the front-end is extreme. And by "extreme" I mean record short. If you're the type of person who likes to stick around on Friday evenings for the CFTC report, you know that the latest data showed specs upping their net TU short by 17K contracts after taking a brief breather during the previous week. If you look at the chart, net shorts in TU have grown by something on the order of 263K contracts since May: Now apparently, this is confusing the sh