Small-cap bulls had to wait three long years to see a new high on the Russell 2000, but they failed to hang on to the gains last week. They have achieved this feat at a time when 2024 earnings are … Continued
Major US equity indices experienced a gap-up breakout on November 6, after it became apparent that the presidential election from the previous day was won by Donald Trump. Last week, those breakouts were successfully retested. On the 6th, the S&P … Continued
Following futures positions of non-commercials are as of November 19, 2024. 10-year note: Currently net short 907.5k, up 91.7k. The 10-year treasury yield began the week strong with Monday touching 4.49 percent intraday but only to reverse and close at … Continued
The Russell 2000 just made a three-year round trip but fell slightly short of posting a new high. The economy continues to perform well – a plus – but long rates have diverged with short rates, which cannot be a … Continued
Following futures positions of non-commercials are as of November 12, 2024. 10-year note: Currently net short 815.8k, down 2.5k. On the back of stronger-than-expected data – from consumer and wholesale inflation to retail sales as well as Chair Jerome Powell’s … Continued
Equities celebrated last week’s Republican sweep with huge gains. More gains are possible ahead, although not all the wheels are in sync. Leading into last Tuesday’s presidential and congressional elections, the S&P 500 was kind of stuck in a rut. … Continued
Following futures positions of non-commercials are as of November 5, 2024. 10-year note: Currently net short 818.3k, down 82.9k. The fed funds rate was lowered by 25 basis points as expected. The benchmark rates are now down 75 basis points … Continued
After seven consecutive up weeks, the Nasdaq 100 went negative last week. Bulls came so close but were denied a new high. This is occurring even as breadth is in divergence with the index. Tech bears last week finally achieved … Continued
Following futures positions of non-commercials are as of October 29, 2024. 10-year note: Currently net short 901.2k, up 53k. The FOMC meets next week on Tuesday-Wednesday. A 25-basis-point cut is priced in. Immediately after the policy-setting body reduced the fed … Continued
Leading into this week’s 3Q reports from five tech heavyweights, the Nasdaq 100 has not made much progress the last couple of weeks. These results will have repercussions for other market cap-weighted indices, such as the S&P 500, where both … Continued