Following futures positions of non-commercials are as of November 29, 2022. 10-year note: Currently net short 296.8k, down 24.5k. Markets and the Federal Reserve are talking past each other. Chair Jerome Powell’s Wednesday speech was interpreted as dovish – probably … Continued
Small-cap profit trend took a decisive step lower last month. This is taking place even as operating earnings estimates for both this year and next have peaked; yet, next year’s may not have fully priced in this year’s interest-rate hikes, … Continued
After three straight down weeks, both large- and small-caps rallied strong last week. More could follow should non-commercial futures traders, who remain heavily net short S&P 500 e-mini and Russell 2000 mini-index contracts, are forced to cover. Last week began … Continued
Following futures positions of non-commercials are as of August 2, 2022. 10-year note: Currently net short 295.5k, up 95.6k. No sooner did the 10-year treasury yield breach low-2.70s than it was reclaimed. This support goes back to April. Ordinarily, once … Continued
Following futures positions of non-commercials are as of July 26, 2022. 10-year note: Currently net short 199.9k, up 83.9k. The FOMC this week delivered what officials had telegraphed the rate-setting body would do. The fed funds rate was raised by … Continued
Both large- and small-caps rallied strong last week but retreated on Friday after filling the June 10th gap. The Nasdaq 100, too, filled the gap but kept rallying, only to see some selling on Friday. Tech’s relatively better performance – … Continued
Following futures positions of non-commercials are as of July 19, 2022. 10-year note: Currently net short 108.7k, up 333. The FOMC meets next week. This will be the fifth of the eight scheduled meetings this year. The Federal Reserve will … Continued
US stocks in general sold off last week, but the lows of Wednesday and Thursday were bought, with Friday’s rally the icing on the cake. This took place amidst June’s red-hot CPI report and disappointing earnings from JPM. As 2Q … Continued
Following futures positions of non-commercials are as of July 12, 2022. 10-year note: Currently net short 108.4k, down 62.1k. There was some jawboning this week. On Wednesday, inflation measured by the consumer price index showed consumer prices in June surged … Continued
Following futures positions of non-commercials are as of July 5, 2022. 10-year note: Currently net short 170.5k, down 11.2k. FOMC minutes for the June 14-15 meeting – released this week – showed members’ sole focus at present remains on inflation. … Continued