For the second consecutive month in July, foreigners were net purchasers of US equities, not sellers. They bought $24.3 billion worth, followed by $26.4 billion in June. This preceded 13 straight months of selling. On a 12-month basis, foreigners are … Continued
Major US equity indices are a stone’s throw away from their respective highs. Daily momentum indicators are extended. Breakout retests are the path of least resistance. The FOMC meets this week. A 25-basis-point cut to a range of 175 to … Continued
Following futures positions of non-commercials are as of September 10, 2019. 10-year note: Currently net short 300.4k, down 77.4k. The FOMC meets next Wednesday. In the futures market, the odds of a 25-basis-point easing currently stand at 80 percent. This … Continued
Bulls have managed to wrest control of momentum near term. Bears had an opportunity late July-early August when in seven sessions intraday the S&P 500 lost 6.8 percent. Bulls put their foot down near crucial support just north of 2800. … Continued
Last week, major US equity indices enjoyed mini breakouts. A retest took place Tuesday. Post-breakout, Investors Intelligence bulls jumped 5.1 percentage points this week to 50 percent, but they remain way below the 57.2 percent recorded in the week the … Continued
Following futures positions of non-commercials are as of September 3, 2019. 10-year note: Currently net short 377.9k, up 68k. The 10-year Treasury yield (1.55 percent) rallied four basis points this week, but not before setting a three-plus-year low of 1.43 … Continued
August for the most part saw bulls buy support and bears sell resistance. This worked out pretty well for both camps. In essence, after a late-July/early-August brief selloff, both put their foot down. Last week, major US equity indices rallied … Continued
Following futures positions of non-commercials are as of August 27, 2019. 10-year note: Currently net short 309.9k, down 91.9k. The 10-year Treasury yield (1.51 percent) could be setting up for a rally – duration and magnitude notwithstanding. Wednesday’s intraday low … Continued
Once again, small-cap bulls defended two-year support on Russell 2000. Oversold momentum indicators are itching to move up. But there is no sign of full-on risk-on just yet. There is plenty of overhead resistance where bears are likely to get … Continued
In the two-week period ended mid-August, short interest continued to rise on both NYSE Group and Nasdaq, respectively up 4.4 percent and 1.8 percent period-over-period. In three and a half months, short interest has gone up 13.2 percent and 7.7 … Continued