Back on October 4, spot gold collapsed 3.3 percent. The one-day decline probably owed more to technicals than to fundamentals. From the December 3rd low of $1,045.4/ounce through the July 6th high of $1,377.5, the metal rallied nearly 32 percent. … Continued
Following futures positions of non-commercials are as of November 1, 2016. 10-year note: The 10-year yield (cash) has been trapped in a descending channel for the past three decades, having peaked at 15.8 percent in September 1981. From the July … Continued
The following are futures positions of non-commercials as of October 25, 2016. 10-year note: Rates are rising. From 1.34 percent on July 6 this year to 1.88 percent on Friday, the 10-year Treasury yield has come a long way. In … Continued
The following are futures positions of non-commercials as of October 18, 2016. 10-year note: Both China and Japan reduced their holdings of Treasury notes and bonds in August – the former by a whopping $33.7 billion and the latter by … Continued
The following are futures positions of non-commercials as of October 11, 2016. 10-year note: In late September, Janet Yellen, Fed chair, said the bank might be able to help the U.S. economy in a downturn if it could buy stocks … Continued
Building on the crude theme a week ago, spot West Texas Intermediate crude did indeed break out of a declining trend line drawn from May 2015 (Chart 1). It rallied 3.3 percent for the week. For the last eight sessions, … Continued
The following are futures positions of non-commercials as of October 4, 2016. 10-year note: Bloomberg ran a story on Tuesday saying the ECB would probably gradually wind down bond purchases before the end of quantitative easing, and that it may … Continued
Gold bugs were simply swamped with an avalanche of sell orders on Tuesday, with spot gold losing 3.3 percent. This was probably in the making. Ever since spot gold peaked at $1,377.5/ounce on July 6 this year, it had been … Continued
Crude oil sits at a critical juncture. Depending on which way it breaks probably decides stocks’ path of least resistance near term. Last week, OPEC announced its commitment to cutting output to between 32.5 million barrels per day and 33 … Continued
The following are futures positions of non-commercials as of September 27, 2016. 10-year note: Once again, Mario Draghi, ECB chief, urged Eurozone governments to complement central-bank action. He was speaking before the European parliament on Monday. Mr. Draghi said there … Continued