Volatility bulls had a great opportunity last week to score a major victory but came up short in the end. VIX had a decent week, but the inability to hang on to most of the gains resulted in a spike … Continued
Following futures positions of non-commercials are as of December 17, 2024. 10-year note: Currently net short 732.9k, down 142.8k. In the 12 months to November, headline and core PCE (personal consumption expenditures) increased 2.44 percent and 2.82 percent respectively. These … Continued
The S&P 500 is up north of 27 percent year-to-date – the second consecutive year of gains of north of 20 percent. Buybacks and margin debt are cooperating, but several other measures are pointing to extended conditions. With 10 sessions … Continued
Following futures positions of non-commercials are as of December 10, 2024. 10-year note: Currently net short 875.7k, down 16.2k. The futures market is now factoring in a 96-percent chance of a 25-basis-point reduction when the FOMC meets next week. In … Continued
In a seasonally favorable period, new highs keep coming for the major US equity indices. This has pushed several sentiment indicators into gross overbought territory. The S&P 500 last Friday enjoyed its 56th all-time high for the year. With three … Continued
Following futures positions of non-commercials are as of December 3, 2024. 10-year note: Currently net short 891.9k, down 34.7k. The futures market is now factoring in an 86-percent chance of a 25-basis-point cut when the FOMC meets on 17-18 this … Continued
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