The following are futures positions of non-commercials as of March 22, 2016. Change is week-over-week. 10-year note: This could not get any funnier. A week after the FOMC statement, and later Janet Yellen, Fed chair, shifted message from hawkish to … Continued
Last Friday, spot West Texas Intermediate crude ($41.62) produced what looked like a shooting star near its 200-day moving average ($42.77). Right above lied another layer of resistance at $43.50 going back to January 2015 (Chart 1). A shooting star … Continued
In the latest week, non-commercials cut net longs in gold futures by three percent period-over-period to 169,512 contracts. This was the first weekly reduction in eight weeks (Chart 1). The prior week’s holdings were the highest since February 3rd last … Continued
The following are futures positions of non-commercials as of March 15, 2016. Change is week-over-week. 10-year note: Major central banks are in a race as to who can ‘shock and awe’ the markets the most. On January 29th, Haruhiko Kuroda, … Continued
“When the facts change, I change my mind. What do you do, sir?” The above remark is often attributed to John Maynard Keynes, the British economist, although some dispute it. Regardless who said it, it is a nice quote. More … Continued
The following are futures positions of non-commercials as of March 8, 2016. Change is week-over-week. 10-year note: The FOMC meets next week, and it is a given. They will stand pat on interest rate, but the dot plot likely sees … Continued
U.S. stocks have come a long way since February 11th. Intra-day, off that low through last Friday’s high, here is how much major U.S. indices have rallied: Dow Industrials, 10.1 percent; S&P 500 large cap index (Chart 1), 11 percent; … Continued
The following are futures positions of non-commercials as of March 1, 2016. Change is week-over-week. 10-year note: Unbelievable! The Japanese government is getting paid to borrow money for a decade. For the first time ever, Japan sells 10-year bonds at … Continued
U.S. small-caps are rallying. Rallying hard. Harder than several of their peers. Since the intra-day low on February 11th, the Russell 2000 small cap index is up just north of 14 percent, also breaking out of 1035. This level approximates … Continued
QQQ, the PowerShares Nasdaq 100 ETF, is showing signs of fatigue. Off the February 11th low through last Friday’s intra-day high, the ETF rallied nearly 10 percent in 11 sessions (Chart 1). Yes, this preceded a 17-percent drop since December … Continued