Tuesday, April 28, 2015

JPM Treasury Client Survey - 8% 'Active Client Long' for 5th Week



JPM Treasury Client Survey, April 27, 2015

All Clients
Date    Long    Neutral    Short    Changes
04/27     9       61            30          9
04/20   11       61            28          7
04/13     9       67            24        15

Actives
Date    Long    Neutral    Short    Changes
04/27   8         58            33         25
04/20   8         67            25           8
04/13   8         75            17           8

The All Client Survey shows the most net shorts since September 22, 2014. The Active Survey shows the most net shorts since September 29, 2014. Overall positioning remains net short.  The Active Survey shows the most net shorts since September 29, 2014. Overall positioning remains net short.

Further, for the 5th week in a row, the 'active client long' is at 8%, a level that has been a resting point in the past. From mid-July last year, it remained at 8% for 12 weeks before finding more willing and active longs. We would note that following that last pause at 8% 'active long', TY prices advanced along with the level of 'active long'.