Highlighting the #COT# #Bonds# data this week is the increase in bearishness of the 10-Year Treasury Note speculators. The #US10-Year# #speculators# positions fell by -26,809 net contracts this week and have now declined in four out of the past five weeks. Speculator net positions have experienced a huge drop of -450,183 contracts in just that 5-week period. This bearishness has dropped the current spec level to the most bearish standing since February 18th of 2020, a span of ninety-one weeks. Looking at the overall situation in the 10-Year futures market shows that speculators (-294,141 contracts) and small traders (-304,450 contracts) currently make up the bearish side while the commercial hedgers (598,591 contracts) are very bullish and sport a strength index score of 99 percent. This means that commercial #traders# are right at the top of their range of bullishness over the past three years and as these traders can eventually move markets, this situation bears watching.