Following futures positions of non-commercials are as of October 31, 2023. 10-year note: Currently net short 627.7k, up 64.3k. The 10-year treasury yield has peaked. For three consecutive sessions last month, it tried to unsuccessfully take out five percent, with … Continued
Following futures positions of non-commercials are as of October 24, 2023. 10-year note: Currently net short 563.4k, down 147.4k. The FOMC meets next week. After this, there is only one scheduled meeting left this year – on December 12-13. The … 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