Sentiment Still Constructive for Bonds

Whether it’s the interplay between 10yr and 2yr (i.e. the Yield Curve) or the state of nominal bonds/yields, they are central to everything, along with our old friend Uncle Buck. If long-term yields are to rise (bonds decline) then investments should be tailored one way. If yields decline (bonds rise) then there’s a whole other positioning regimen.

Here’s the still contrary bullish state of the 10yr Note as the public remains incredibly bearish. Source: Sentimentrader.

And Commercial Hedgers remain very net long.

The 30yr is much less compelling, but still not near any sort of contrary bearish position as the public is still bearish.

Commercial Hedgers are near flat.

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