Bianco, normally a semi permanent bull on US Treasuries. Was yesterday unusually negative in his commitments of traders analysis of what futures traders were doing with 5 year Treasuries.
The strong hands, the hedgers are already for some time quite bearish positioned, but that was neutralised by buying of the speculators, large and small. Now the large speculators seem at long last to have bought enough and last week they started to sell (and they have a lot to sell).
It just has lasted too long in the eyes of speculators that you can earn money with their positions, so they try now something else.
So according to this analysis there ought to come a rise of the 5 year yields in the US.
This is a plausible story, but of course not a guarantee..