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Editor's note: This is a brief excerpt from Hedgeye morning research. To learn more about becoming a subscriber click here.

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Right now, the market is still positioned net SHORT -128,000 contracts (net futures and options positions) in the 10YR treasury bond market. In other words, bond bears are getting royally creamed as the 10YR crashes alongside growth and inflation expectations.


As of this morning, the 10YR yield is down -26% year-to-date to 2.25%. That’s called a #Crash. Our immediate-term level of short-term support is 2.22%.

On a related note, the Yield Spread has compressed to 173bps. That’s the lowest of 2014. And yes, it is a bearish growth signal.

For the record, we still think yields go lower as the Fed freaks about #deflation in Q1 of 2015.

We Think a Coming Fed #FreakOut Sends Yields Lower - 111