The following are futures positions of non-commercials as of April 28, 2015. Change is week-over-week. 10-year note: The week was a head-scratcher from the standpoint of bond vigilantes’ reaction. The 10-year yield rallied hard on a very weak 1Q15 GDP … Continued
For only 4th time in six-plus decades, U.S. GDP price deflator goes negative Macro data weaker than expected this week, but rates come under upward pressure Dollar plays crucial role in inflation outlook, breaks support, could be headed toward 92 … Continued
Apple, Inc.’s (AAPL) March quarter was a blowout – gross margin of 40.8 percent, along with 61.2 million iPhone units sold (135 million in six months), among others. It also increased buybacks to $200 billion from now through 2017. The … Continued
Margin debt in March surged to an all-time high of $476.4 billion. Earlier, it had gone sideways for a year – from $465.7 billion in February 2014 to $464.9 billion in February 2015. With the March spike, a signal that … Continued
Major U.S. indices reversed from early strength yesterday. As a matter of fact, it took less than an hour – half an hour in most cases – before things began to turn south. From the S&P 500 large cap index … Continued
For the past three periods, short interest on both the NYSE and Nasdaq has essentially gone sideways. As of mid-April, NYSE short interest has gone from 15.69 billion to 15.68 billion to 15.66 billion (Chart 1), and on the Nasdaq … Continued
The following are futures positions of non-commercials as of April 21, 2015. Change is week-over-week. 10-year note: Are bond vigilantes expecting a hawkish tone from the FOMC next week? The latter meets on 28-29. For the most part, macro data … Continued
This week is perfect to be discussing U.S. housing dynamics as the March sales numbers for existing and new homes were just published. The report was mixed. Sales of existing homes rose 6.1 percent to an annual rate of 5.19 … Continued
Orders for non-defense capital goods ex-aircraft – proxy for business capital expenditures – continue to lose momentum. Year-over-year growth dipped in the negative territory for the first time since January 2014. One month does not a trend make, but there … Continued
Government’s various measures of inflation continue to elude Fed’s 2% target U.S. banks’ excess reserves have followed QE higher, and are sitting idle By paying interest on reserves, Fed encourages banks to sit on them The Federal Reserve wants inflation. … Continued