For the last five years, the S&P 500 index has bounced up and down within a channel. Technicals have been in gross overbought territory for a while now. The last time the index had a 10-percent correction was two years … Continued
How quickly the pendulum has swung the other way. When we last discussed signals coming out of the options market, the CBOE in particular was giving out signs that equities were itching to go higher. Nearly a month ago, the … Continued
Unlike a consistent Steady-Eddie CSCO of the past, the company’s quarterly results of late have been a hit-and-miss. In the U.S., business capex is lackluster but steady. In November last year, CSCO spooked investors with a downbeat outlook. In February … Continued
There are some interesting things happening in e-mini S&P 500 futures. First, non-commercials are now net short 121k contracts, nearly double from two weeks ago. In the intervening period, the S&P 500 index has managed to inch up, having backed … Continued
The S&P 500 acts well. Since it found support at its 150-day moving average early February, it has appreciated 12 percent – that is in four months. In the process, it now has carved out support levels at 1900, 1885 … Continued
Breakouts are galore in U.S. equities. Of the three major indices, the S&P 500 and the Dow Industrials have managed to push into record territory. The Nasdaq is a laggard – yet to get past early-March highs. Ditto with the … Continued
AAPL as a stock is back in the game. From its $677 mid-September 2012 all-time high to the mid-April 2013 low of $374 to last week’s high of $644, it has nearly done a round trip. Recent sell-side commentary has … Continued
The euro experienced a rather sharp downward move in May. In the currency world, the two-and-a-half-percent decline (from early in the month until the trough two sessions ago) in a span of 15 sessions is big. When FXE began to … Continued
Non-commercial futures traders’ bet in recent weeks on a declining VIX was spot-on. Toward the middle of March, these large speculators were net short a mere 1k contracts. VIX (spot) was around 15 at the time. Technically, there was room … Continued
As 2014 began, growth expectations were very high for the U.S. economy. In fact, every year since the recession ended mid-2009, economists’ GDP forecasts have been on the optimistic side, only to be progressively cut back as the year progresses. … Continued