Major US equity indices are stalling. They rallied ferociously after bottoming on June 3 and are probably in need of digestion. Some rallies they put up in seven sessions! Intraday between that low and Tuesday’s high, the S&P 500 large … Continued
US corporate bond issuance is on course for a sharp snapback from last year’s seven-year low. Treasury issuance continues rapid growth trajectory, as it needs to keep up with growing deficit spending. Despite what we hear and read, there is … Continued
US stocks rallied strongly last week. Bulls enjoy momentum right now. That said, risk-on is not full-on. What transpires at 2890s on the S&P 500 can be a tell near term. May’s employment report was mixed at best and disappointing … Continued
Following futures positions of non-commercials are as of June 4, 2019. 10-year note: Currently net short 467.7k, up 91.5k. Friday’s intraday low of 2.05 percent came pretty close to testing the September 2017 low of 2.03 percent. A breach of … Continued
Markets are aggressively beginning to price in at least two cuts in fed funds this year. It is a little too early, but the Fed is beginning to come around to this dovish scenario. It is easy to get convinced … Continued
An oversold market, desperate for positive news – real or perceived – got some Tuesday. Major US equity indices rallied massively, closing right at/near important resistance. In the right circumstances for bulls, more upside is likely near term. Medium-term risks … Continued
From trade disputes to declining corporate profits to yield-curve inversion, there is no shortage of issues for worrywarts to worry about. From recent highs, major US equity indices have dropped in the mid- to high-single digits. Medium term, more downside … Continued
Following futures positions of non-commercials are as of May 28, 2019. 10-year note: Currently net short 376.2k, down 47.2k. Where is the bottom? The 10-year Treasury yield (2.14 percent) last Thursday sliced through support at 2.36 percent. This week, it … Continued
Equity indices have been under pressure in the past month. They have reached important support. Which way it goes from here likely gets decided in the next several sessions. Major US equity indices continue to get beat up, even as … Continued
Appreciation in US home prices – or a lack thereof – tends to impact consumer psyche. Currently, prices are not that far away from record levels, but the rate of growth is in deceleration. If the trend persists, this has … Continued