Following futures positions of non-commercials are as of September 5, 2023. 10-year note: Currently net short 791.5k, down 14k. Non-commercials reduced their massive holdings of net shorts in 10-year note futures, but nothing major. At 791,535 contracts, positions remain within … Continued
The 10-year yield retreated last month from a potentially crucial spot. The supply-demand dynamics are in favor of bond bears, but this is also a well-known fact, hence may already be in the price. They at the same time are … Continued
Following futures positions of non-commercials are as of August 29, 2023. 10-year note: Currently net short 805.6k, up 110.7k. Non-commercials aggressively added to net shorts in 10-year note futures. This week’s count of 805,553 contracts is merely 5.6 percent from … Continued
US corporate profits are now down four quarters in a row from the record 2Q22, even as the sell-side has S&P 500 non-GAAP earnings growing 11.7 percent this year and 11.5 percent next. The gap between GAAP and non-GAAP in … Continued
Both the S&P 500 and Nasdaq 100 saw buyers and sellers pounce on opportunity at important technical levels. Bulls have an opportunity to cash in on bearish sentiment that has sharply risen of late in the options market. For that, … Continued
Following futures positions of non-commercials are as of August 22, 2023. 10-year note: Currently net short 694.9k, down 52k. It was a yawner to say the least – Federal Reserve Chair Jerome Powell’s Friday speech at the annual Jackson Hole … Continued
The US is a credit-reliant economy. Many Americans tap credit cards to even cover essential living expenses. In June, revolving credit shot up 11.2 percent year-over-year to $1.26 trillion – barely under May’s record high. Interest rates on credit cards, … Continued
From its July 27 high through last Friday’s low, the S&P 500 quickly shed 5.9 percent. A relief rally looks imminent as equity bulls are not in a mood to let go breakout retest at 4320s. Not now anyway. Mid-to … Continued
Following futures positions of non-commercials are as of August 15, 2023. 10-year note: Currently net short 746.9k, up 55.2k. The Jackson Hole Symposium takes place next week. Several times in the past, the annual gathering has been used as a … Continued
Margin debt is tightly correlated with the major US equity indices, with the former up nicely from its low of last December, although the willingness to take on margin debt is nowhere near as strong as was the case in … Continued