In the prior reporting period (Jan 15-29), short interest on XLE, the SPDR Energy ETF, collapsed just north of 17 percent to 40.7 million (Chart 1). During the period, the ETF dropped 8.1 percent through the January 20th intra-day low, … Continued
To say that SPY, the SPDR S&P 500 ETF, has been volatile in recent weeks is an understatement. Intra-day, between the December 29th high and the January 20th low, the ETF shed nearly 13 percent… in 15 sessions. Like that. … Continued
U.S. stocks began 2016 on the wrong foot. That is an understatement. In fact, major indices peaked intra-day on December 29th (2015). Using that high, the S&P 500 large cap index through the intra-day low on January 20th lost 13 … Continued
The following are futures positions of non-commercials as of February 16, 2016. Change is week-over-week. 10-year note: Global GDP will only expand at three percent this year. Says the OECD – the latest body to cut growth forecast this year. … Continued
Gold bugs may need to step up to the plate. Off the December 3rd intra-day low of $1045.4 through February 11th spike high of $1263.9, spot gold surged 21 percent in just over two months. Not bad for an asset … Continued
SPY, the SPDR S&P 500 ETF, has essentially gone sideways since January 20th. That was the first low of the year after a 12-session, 11-percent waterfall drop. A subsequent eight-session rally had the ETF rally to $194.58, before it again … Continued
The following are futures positions of non-commercials as of February 9, 2016. Change is week-over-week. 10-year note: On June 5, 2014, the ECB cut the deposit rate for the euro zone’s commercial banks to minus 0.1 percent from zero. It … Continued
Spot gold this week took care of not one but two crucial resistance. First, it broke out of a descending trend line going back to April 2013. That trend line persistently repelled gold’s rally attempts, the most recent of which … Continued
The stock market got off on the wrong foot this year… which is probably an understatement. Using the January 20th intra-day low, the S&P 500 large cap index lost nine percent in 12 sessions, the S&P 400 mid-cap index 13.1 … Continued
The chart below has fodder for both bulls and bears. At least going back to the last three decades – encompassing three recessions, including Great Recession – there have been five occasions in which the spot West Texas Intermediate crude … Continued