This week’s dot plot indicated one more hike is possible this year. Equity bulls did not want to hear this. In the futures market, a wide gap remains between what fed funds traders see things and what the Fed tells … Continued
Following futures positions of non-commercials are as of September 12, 2023. 10-year note: Currently net short 744.3k, down 47.2k. The FOMC meets next week. This is the sixth scheduled meeting this year, and two more remain – one each in … Continued
Buybacks acted as a massive tailwind leading up to and as the S&P 500 peaked in January last year. Spending has come down quite a bit and is increasingly turning into a headwind. Share buybacks by S&P 500 companies are … Continued
Following futures positions of non-commercials are as of September 5, 2023. 10-year note: Currently net short 791.5k, down 14k. Non-commercials reduced their massive holdings of net shorts in 10-year note futures, but nothing major. At 791,535 contracts, positions remain within … Continued
Following futures positions of non-commercials are as of August 29, 2023. 10-year note: Currently net short 805.6k, up 110.7k. Non-commercials aggressively added to net shorts in 10-year note futures. This week’s count of 805,553 contracts is merely 5.6 percent from … Continued
Both the S&P 500 and Nasdaq 100 saw buyers and sellers pounce on opportunity at important technical levels. Bulls have an opportunity to cash in on bearish sentiment that has sharply risen of late in the options market. For that, … Continued
Following futures positions of non-commercials are as of August 22, 2023. 10-year note: Currently net short 694.9k, down 52k. It was a yawner to say the least – Federal Reserve Chair Jerome Powell’s Friday speech at the annual Jackson Hole … Continued
From its July 27 high through last Friday’s low, the S&P 500 quickly shed 5.9 percent. A relief rally looks imminent as equity bulls are not in a mood to let go breakout retest at 4320s. Not now anyway. Mid-to … Continued
Following futures positions of non-commercials are as of August 15, 2023. 10-year note: Currently net short 746.9k, up 55.2k. The Jackson Hole Symposium takes place next week. Several times in the past, the annual gathering has been used as a … Continued
With 2Q23 earnings season nearly over, S&P 500 companies are set to earn more than what was expected at the start of the quarter. This, however, is not so as relates to S&P 400 and 600 companies. Mid- and small-caps … Continued