Why Don't Bonds Sell Off?... David Rosenberg presents the above chart showing the Commitment of Traders Report indicating the net speculative short positions are at the high end of the range - "perhaps explains why bonds refuse to sell off - anyone who can sell them already has... What is truly striking is that even though Treasuries were among the best-performing asset classes of the past decade, the noncommercial accounts spent 80% of that time being short the bond market. Yikes!”