Following futures positions of non-commercials are as of July 3, 2017. 10-year note: Currently net long 263k, down 39.1k. The speed by which long rates rose the past couple of weeks took many by surprise. Intraday between June 26 and … Continued
U.S. corporate bond issuance was $106.2 billion in June, comprising $83.1 billion in investment-grade (IG) and $23.1 billion in high-yield (HY). This puts the first-half total at $868.1 billion, of which $714.1 billion is in IG and $154 billion in … Continued
The Nasdaq 100 index does not act well. Is it purely rotation or a reflection on the economy or on the 1Q17 earnings season that begins next week? After rallying for seven consecutive months, the index lost 2.5 percent in … Continued
Commodities had a nice week last week. After five consecutive weekly losses, the Reuters/Jefferies CRB index rallied 4.2 percent last week, but dropped 2.8 percent anyway in June – its sixth straight negative month. Last week’s action is encouraging, but … Continued
Following futures positions of non-commercials are as of June 27, 2017. 10-year note: Currently net long 302.1k, down 43.1k. Rising asset prices were once again a talk of the Fed town. On Tuesday, Janet Yellen, Fed chair, Stanley Fischer, vice-chair, … Continued
Crude oil made the headlines big last week – in an adverse manner. Not that it has not been in the headlines. But last week was different in that it entered a bear market, which supposedly happens when an asset … Continued
Following futures positions of non-commercials are as of June 20, 2017. 10-year note: Currently net long 345.2k, up 71.2k. Last week, 10-year T-yields lost – albeit ever so slightly – a rising trend line from last July. Back then, yields … Continued
The final numbers are in for buybacks, and it continues to show a decelerating trend. In 1Q17, S&P 500 companies spent $133.2 billion in share purchases– down 1.6 percent quarter-over-quarter and down a whopping 17.5 percent year-over-year. One year ago, … Continued
Later this morning, sales of existing homes for May will be published. On Friday, new home sales come out for the same month. Using a 12-month rolling average, sales of existing homes in April were 5.51 million units and new … Continued
Post-presidential election last November, a fire was lit under U.S. small-caps. Between November 8 and December 9, IWM (iShares Russell 2000 ETF) jumped north of 16 percent. QQQ (PowerShares Nasdaq 100 ETF) only rallied two percent during the period. As … Continued