Equity bears attacked where they could potentially have last week. With technicals in their favor, they will try to make further gains this week. It is up to the tech bulls to stop that from happening. Major tech outfits are … Continued
Following futures positions of non-commercials are as of October 17, 2023. 10-year note: Currently net short 710.7k, down 2.2k. Yet another week and yet another intraday high! Thursday, the 10-year treasury yield reached the highest since July 2007 – a … Continued
Following futures positions of non-commercials are as of October 10, 2023. 10-year note: Currently net short 713k, down 20.9k. The 10-year treasury yield was volatile this week, to say the least. The five sessions went like this – up, down, … Continued
Following futures positions of non-commercials are as of October 3, 2023. 10-year note: Currently net short 733.9k, up 1.9k. The FOMC minutes for the September 19-20 meeting will be reported on Wednesday. As expected, the fed funds rate was left … Continued
Following futures positions of non-commercials are as of September 26, 2023. 10-year note: Currently net short 732k, up 29.7k. The 10-year treasury yield continued higher, up 14 basis points from last week to 4.57 percent. On Thuresday, rates rose as … Continued
The sell-side just bumped up estimates for S&P 600 operating earnings for both this year and next. The Russell 2000 does not give a hoot. Small-caps act weak – much weaker than large-caps. If they are sending the right signal, … Continued
Following futures positions of non-commercials are as of September 19, 2023. 10-year note: Currently net short 702.3k, down 42k. The 10-year treasury yield this week made what could turn out to be an important breakout. Or could it? Last October, … Continued
This week’s dot plot indicated one more hike is possible this year. Equity bulls did not want to hear this. In the futures market, a wide gap remains between what fed funds traders see things and what the Fed tells … Continued
Near-term, equity bulls may just have wasted an opportunity to put their foot down. Mid- to long-term, both margin debt and share buybacks are no longer a potent tailwind as they once were. FINRA margin debt dropped 2.9 percent month-over-month … Continued
Following futures positions of non-commercials are as of September 12, 2023. 10-year note: Currently net short 744.3k, down 47.2k. The FOMC meets next week. This is the sixth scheduled meeting this year, and two more remain – one each in … Continued