U.S. oil-related layoffs so far subdued Not surprising given ~80% rise in crude production past five-plus years Current production level problematic given inventory spike and downward pressure on crude price The spot West Texas Intermediate crude has gone through a … Continued
It has been a while the transports sector has acted like a sick puppy. Yesterday’s action is a welcome change. IYT, the Dow Jones Transportation Average ETF, peaked November 28th last year at $166.55 – much earlier than other major … Continued
The SPDR Consumer Discretionary ETF (XLY) dropped 0.9 percent last week, to $77.20, and looks poised to come under pressure medium-term. On a weekly chart, there have been back-to-back doji candles – as well as in four of the past … Continued
Looking around, there is no lack of things for investors to worry about. Although that is not the impression one gets looking at how gold is trading. After an incessant rally, Chinese stocks are in the midst of a sharp … Continued
The July 2nd ITB 27.50 naked calls hypothetically written on June 24 ended up in the money by six cents. The ETF closed at $27.56 last Thursday. Calls were sold for $0.38, so, after assignment, it is now an effective … Continued
The following are futures positions of non-commercials as of June 30, 2015. Change is week-over-week. 10-year note: Non-commercials continue to reduce net shorts – currently lowest since September 23rd last year. They have reduced net shorts by 98 percent in … Continued
At 223,000 non-farm jobs, the June U.S. employment report was softer than expected. Plus, both April and May were revised lower. These are months in which kids are entering the labor force even as teachers are leaving it. So a … Continued
The saga continues. When the current U.S. recovery began in the middle of 2009, the ‘not in labor force’ category stood at 81.4 million, and it kept rising. In June, it expanded by 640,000 to 93.6 million. Interestingly, the June … Continued
The other day, Goldman Sachs took a sharp knife to its earnings estimates for S&P 500 companies. It cut 2015 estimates from previous $122 to $114. In 2014, these companies earned $113 in operating earnings. If Goldman is right, we … Continued
If there has been one common thread shared by major U.S. indices before the rout this Monday, it is this: the sell-off preceded a trendline break. Back in the middle of October last year, as the S&P 500 Index was … Continued