With one session to go this week, VIX shot up in the cash market. In futures, non-commercials are still heavily net short the volatility index. In the past, the cash has tended to peak only when these traders are either … Continued
Following futures positions of non-commercials are as of February 18, 2020. 10-year note: Currently net short 306.3k, down 92.7k. Once again, bond bears (on price) were having to defend 1.51 percent on the 10-year Treasury yield (1.47 percent). Most recently, … Continued
Following futures positions of non-commercials are as of February 11, 2020. 10-year note: Currently net short 398.9k, up 40k. The Fed for all intents and purposes has been preparing the markets for more liquidity to come. Since late September last … Continued
Following futures positions of non-commercials are as of February 4, 2020. 10-year note: Currently net short 358.9k, up 88.5k. One more week of additional liquidity from the Fed! In the week to Wednesday, SOMA (System Open Market Account) holdings went … Continued
Following futures positions of non-commercials are as of January 28, 2020. 10-year note: Currently net short 270.5k, down 32.1k. The Fed has a dual mandate of maximum employment and stable prices. The post-Great Recession recovery/expansion has been uneven, but jobs … Continued
The year is quite young, but things have not quite turned out the way bond bears were hoping they would. The 10-year T-yield last week pierced through trend-line support from last September. In due course, this likely opens the door … Continued
Following futures positions of non-commercials are as of January 21, 2020. 10-year note: Currently net short 302.5k, up 79k. The FOMC meets next week – on 28-29. This is the year’s first meeting. Markets do not expect the Fed to … Continued
Following futures positions of non-commercials are as of January 14, 2020. 10-year note: Currently net short 223.6k, up 44.3k. Bond bulls and bears continue to fight over control of trend-line support from early September when the 10-year Treasury yield (1.84 … Continued
Elevated multiples have not bothered equity bulls. In recent months, the Fed too has come to their aid. Investor optimism is dangerously elevated going into the 4Q19 earnings season. The 4Q19 earnings season kicks off this week. Banks and brokers … Continued
Following futures positions of non-commercials are as of January 7, 2020. 10-year note: Currently net short 179.2k, down 55.5k. The 10-year Treasury yield (1.83 percent) was rejected at 1.95-1.97 percent in both November and December. The drop since found support … Continued