The following are futures positions of non-commercials as of June 7, 2016. Change is week-over-week. 10-year note: The Bank of Korea on Thursday eased its benchmark interest rate by 25 basis points to a record low 1.25 percent. The move … Continued
May’s jobs report out last Friday gave us a glimpse into how U.S. job creation has been in gradual deceleration. Now we have the latest JOLTS report that is pointing us toward a possible inflection point. To refresh, a mere … Continued
Last Thursday, Jamie Dimon, JPMorgan Chase (JPM) CEO, grabbed the headlines when he said someone was going to get hurt in the auto-loan lending market. “Auto is clearly a little stretched, in my opinion.” JPM does not do much of … Continued
2016 got off on the wrong foot. By January 20th the index was down north of 11 percent (intra-day), followed by a powerful rally off of the February 11th low. When it was all said and done, the S&P 500 … Continued
The correlation between financials and the two-year Treasury yield is tight. The latter tends to be sensitive to Fed action. In recent months in particular, the two-year has been on a roller-coaster ride trying to keep up with FOMC members’ … Continued
The chart below (Chart 1) caused a lot of stir last Friday – across asset classes, primarily in the U.S., and elsewhere. The U.S. economy only added 38,000 non-farm jobs in May, much weaker than expected and the lowest monthly … Continued
The following are futures positions of non-commercials as of May 31, 2016. Change is week-over-week. 10-year note: On June 14-15, the FOMC meets. This is the year’s fourth meeting, and there will be four more left after this (July 26-27, … Continued
ITB, the iShares U.S. home construction ETF, cannot get it going. On May 24th, it surged 3.8 percent with massive volume. The ETF was reacting to April’s new home sales, which surged 16.6 percent month-over-month to a seasonally adjusted annual … Continued
The following are futures positions of non-commercials as of May 24, 2016. Change is week-over-week. 10-year note: Was that a yay or nay from Janet Yellen, Fed chair? In an interview at Harvard University on Friday, she said that an … Continued
Equity bulls are putting down their foot, and have near-term momentum on their side so long as 2040 on the S&P 500 is not lost. Off the April 20th high through last Thursday’s intra-day low, the S&P 500 lost four … Continued