From last month’s record highs, both the S&P 500 and Nasdaq 100 are down just under three percent and have now approached the 50-day, which has not been lost since last October when they bottomed. Given that the trendline support … Continued
Following futures positions of non-commercials are as of April 9, 2024. 10-year note: Currently net short 506.9k, down 63.1k. In the past month, the 10-year treasury yield went from 4.04 percent on March 8th to Thursday’s high of 4.59 percent. … Continued
The earnings season is upon us. The bar is low. With the S&P 500 sideways in recent weeks after a massive rally since last October, better results can help the index push through short-term resistance, but building on the gains … Continued
The 10-year T-yield just poked its head out of 4.30s resistance. Economic data in recent weeks have come in much stronger than expected. Although it is hard to argue the rally in rates will have staying power – unless, of … Continued
Following futures positions of non-commercials are as of April 2, 2024. 10-year note: Currently net short 570k, down 8.4k. Minutes for the March 19-20 FOMC meeting are due out Wednesday. At this point, no one probably cares what the members … Continued
It is probable US households’ equity allocation set a new high last quarter. Stocks have relentlessly rallied for over five months – without so much of a correction. With investor sentiment looking frothy, bulls are increasingly running out of tailwinds … Continued
Although it rose 1.2 percent, the Nasdaq 100 essentially went sideways in March. This also offers tech bulls an opportunity to force another breakout. Catalysts are needed. There is, however, a month to go before the leading tech companies report … Continued
Following futures positions of non-commercials are as of March 26, 2024. 10-year note: Currently net short 578.3k, up 4.3k. Well, looks like a battle of sorts is brewing within the FOMC. Recent commentary from Federal Reserve Chair Jerome Powell has … Continued
Equity bears came up short last week, unable to take benefit of an opportunity to put the bulls on the defensive. Momentum remains with the bulls. With the S&P 500 having already rallied 28 percent from last October’s low, several … Continued
Following futures positions of non-commercials are as of March 19, 2024. 10-year note: Currently net short 574k, down 29.5k. It was almost as if Jerome Powell, Federal Reserve chair, did not want equities to go lower. That is the feeling … Continued