Ultra Bond COT: Short covering pushes specs to a 5-year extreme

Heavy short covering pushed Ultra Bond speculators to the 93rd percentile of their 5-year range, triggering a new Reversal risk (down) signal. Why it matters: Specs are still net short in absolute terms, but they are the least short they have been relative to the last 5 years. Hedgers sit at the opposite extreme, so positioning is one-sided against its own history. Ultra Bond positioning...