The top five stocks report this week. They have rallied massively since March lows. Investor reaction to their earnings will determine if major cap-weighted indices continue their five-week upward momentum or hit the wall. This week, the big five report. … Continued
Following futures positions of non-commercials are as of April 21, 2020. 10-year note: Currently net short 34.1k, down 36.7k. The FOMC meets next week. A two-day meeting begins Tuesday. This comes after March’s hectic schedule which included two unscheduled meetings. … Continued
Following futures positions of non-commercials are as of April 14, 2020. 10-year note: Currently net short 70.8k, up 9.8k. The Fed is on a mission to provide a backstop to a whole host of assets. Here is its report card … Continued
Following futures positions of non-commercials are as of April 7, 2020. 10-year note: Currently net short 61k, up 8k. The Fed continues to spread its policy tentacles. During the financial crisis of 2007-2008, it began to aggressively purchase Treasury securities … Continued
Following futures positions of non-commercials are as of March 31, 2020. 10-year note: Currently net short 53k, down 159k. In the week to Wednesday, SOMA (System Open Market Account) holdings went up another $432.2 billion to $4.77 trillion – a … Continued
Following futures positions of non-commercials are as of March 24, 2020. 10-year note: Currently net short 212k, down 39.1k. Monday, the Fed went all in – essentially. It now has an open-ended QE program in place. There is no set … Continued
Following futures positions of non-commercials are as of March 17, 2020. 10-year note: Currently net short 251.1k, up 36.5k. On Sunday, while cutting the fed funds rate by 100 basis points to zero-bound, the Fed also committed to purchase $500 … Continued
Following futures positions of non-commercials are as of March 10, 2020. 10-year note: Currently net short 214.6k, up 57.9k. Next week, the FOMC meets. This follows a 50-basis-point emergency cut of last week, to a range of 100 to 125 … Continued
Following futures positions of non-commercials are as of March 3, 2020. 10-year note: Currently net short 156.7k, down 117.3k. It seems nothing matters. On a day the bond market found out the US economy produced much-better-than-expected 273,000 non-farm jobs in … Continued
Following futures positions of non-commercials are as of February 11, 2020. 10-year note: Currently net short 398.9k, up 40k. The Fed for all intents and purposes has been preparing the markets for more liquidity to come. Since late September last … Continued