The S&P 500 index rallied 0.9 percent last week – its third consecutive up week. Off the September 29th intra-day low, it is now up 8.7 percent (Chart 1). That is in 14 sessions! This is too fast, and probably … Continued
Around the August lows in U.S. equities, several sentiment indicators looked washed out. For instance, the bulls’ count in Investors Intelligence’s survey dropped to 24.7 percent in the September 29th week – the lowest since late December 2008 (although bears … Continued
The following are futures positions of non-commercials as of October 13, 2015. Change is week-over-week. 10-year note: Central bankers were probably busy scratching their heads this week. Despite trillions in quantitative easing and their valiant effort to push inflation above … Continued
A battle is being fought between optimists and pessimists in the land of gold. Of late, the former is winning hands down. Near-term, the latter might at least get some reprieve. In the latest period (September 30), short interest on … Continued
Through Wednesday, three major U.S. banks have reported third-quarter results, and if there is one common theme, it is the top line. There is no growth. JPMorgan Chase (JPM) reported revenues of $23.5 billion, versus $25.1 billion last year. For … Continued
One look at Chart 1, and U.S. equity bulls may have a reason to salivate. Or not. It can be a reason to worry as well. NYSE Group short interest is through the roof. Literally. By the end of September, … Continued
Semis have come a long way. Through last Thursday, SMH, the Market Vectors Semiconductor ETF, rallied 21 percent since the August 24th low and nearly 11 percent since the September 29th low. The latest rally in particular came in a … Continued
During the September 15-30 reporting period, short interest on SPY, the SPDR S&P 500 ETF, dropped 15 percent period-over-period (Chart 1). This was interesting because the ETF shed 2.9 percent during the period, having just tested the August 25th closing … Continued
Traders – the good ones – must be having a field day. Stocks are swinging wildly. IWM, the iShares Russell 2000 ETF, fell 11 percent during August 17-24, then rallied nearly 10 percent by September 17, fell again – nearly … Continued
The following are futures positions of non-commercials as of October 6, 2015. Change is week-over-week. 10-year note: Since the September 16-17 FOMC meeting, barring comments from hawks like John Williams, president of the San Francisco Fed, and Dennis Lockhart, president … Continued