Last week brought another positive week for equity bulls, with the major US equity indices rallying for a fourth consecutive week. Amidst this, how the indices traded the last two sessions should give the bears some hope. Equity bulls used … Continued
Following futures positions of non-commercials are as of May 14, 2024. 10-year note: Currently net short 347.8k, down 133.8k. The 10-year had an important test this week. Thursday’s intraday low of 4.32 percent was a successful test of horizontal support … Continued
If Wednesday’s CPI for April cooperates, equity bulls will try to use it to build on last three weeks’ momentum. Major US equity indices have rallied back to just under their all-time highs from March but are giving out signs … Continued
Following futures positions of non-commercials are as of May 7, 2024. 10-year note: Currently net short 481.6k, up 48.7k. Non-commercials continued to add to net shorts in 10-year note futures. As of Tuesday, holdings closed at 481,620 contracts, up from … Continued
After peaking in March and dropping in mid- to-high single-digit percent, the major US equity indices have rallied the last two weeks, ending last week right on the 50-day. A takeout of the average, which was lost three weeks ago, … Continued
Following futures positions of non-commercials are as of April 30, 2024. 10-year note: Currently net short 433k, up 79k. In an FOMC week in which Chair Jerome Powell was anything but a hawk, aided by weaker-than-expected economic data including April’s … Continued
Markets were on pins and needles as to if Powell would be open to the possibility of a rate hike. He hardly sounded hawkish Wednesday. A dovish message hardly helps cool down the positive wealth effect coming from equities and … Continued
In the latter part of last week, tech delivered, helping the major US equity indices rally big. Two issues could make or mar this week. The FOMC meets, and two more tech behemoths report earnings. The FOMC meets this week, … Continued
Following futures positions of non-commercials are as of April 23, 2024. 10-year note: Currently net short 353.9k, down 8.1k. The FOMC meets next week. This is the year’s third scheduled meeting and five more remain after this. The two-day meeting … Continued
After a ferocious rally from last October’s low, US equities gave back some of the gains this month. This has impacted bullish sentiment, but not enough to make a durable bottom in stocks. The S&P 500 shed 5.9 percent from … Continued