Treasury bonds have been on a nice run during the last two months.

Questions about the sovereign debt of countries such as Greece, Ireland and Portugal have caused investors to seek the safety of U.S. Treasury bonds.

The buying in Treasurys has been so strong that we have seen the yield on the 10-year Treasury Note fall from 3.6 percent to as low as 2.9 percent. The 30-year Treasury Bond has seen its yield fall from 4.67 percent down to 4.15 percent.

Looking at the Commitment of Traders report for Treasury Bonds, the latest report shows that large speculators shifted from a net short position of 33,144 contracts to a net short position of 60,452 contracts.

Along these same lines, the Commercial Hedgers lightened up on their short position. This group went from a net long position of 6,676 contracts to a net long position of 47,879 contracts.

What this suggests to me is that Treasurys may be due for a little downturn during the next few weeks.