Gold in all probability successfully tested important support this week. On Monday, it dropped to $1,675.90 intraday but only to reverse sharply higher to close at $1,726.50, forming a potentially bullish hammer. In Tuesday’s long-legged doji session, the metal edged … Continued
Small-cap earnings are coming in better than expected. The economy continues to churn out strong numbers. But small-caps, which by nature have larger domestic exposure, continue to trade within a five-month range. Near term, potential lower volatility can help bulls … Continued
Following futures positions of non-commercials are as of August 3, 2021. 10-year note: Currently net long 87.7k, down 76.8k. A total of 5.7 million and counting. That is the number of non-farm jobs needed to match the pre-pandemic high of … Continued
Equal-Weighted Indexes pertaining to both the S&P 500 and Nasdaq recently broke out, although not decisively. Their market cap-weighted cousins could soon follow them. Should that happen, it is important to consider the vigor with which that happens. Equal-weighted indexes … Continued
S&P 500 earnings are beating consensus estimates by a wide margin. Stocks, which had rallied massively into the season, are only trudging higher. Near term, they are likely to struggle to find positive catalysts. The 50-day, which is merely 2.5 … Continued
Following futures positions of non-commercials are as of July 27, 2021. 10-year note: Currently net long 164.5k, up 75.6k. This week’s FOMC meeting was big yawn except for one thing. Members obviously left the fed funds rate at the current … Continued
The Fed’s monthly purchases of bonds has been housing friendly. Reading the tea leaves from this week’s FOMC Meeting, the central bank could begin to reduce the pace of buying toward the end of this year. Sales of new homes … Continued
Ahead of a crucial week in which the FOMC meets and the top six US companies report, large-cap equity indices broke out to new highs last week. The knock on this is that rangebound small-caps are yet to achieve that … Continued
Following futures positions of non-commercials are as of July 20, 2021. 10-year note: Currently net long 88.9k, up 32.9k. Next week, the FOMC meets. This is the year’s fifth policy meeting, and three more remain. A lot has happened since … Continued
Monday’s selloff was bought – again. Since May last year, the 50-day on the S&P 500 has elicited buying interest nine times. Next week’s June-quarter results from the top six US companies will decide if this trade works this time … Continued