The yellow metal cannot catch a break. GLD, the SPDR Gold ETF, broke down last week, losing eight-month support at $110. The corresponding support on spot gold lies around $1,140. Friday, gold closed at $1,132.20 and GLD at $108.65. The … Continued
As expected, Fed Chair Janet Yellen, in her Humphrey-Hawkins testimony yesterday, reiterated what she, and other Fed officials, have been saying for a while. They are data dependent, and if data cooperate, a rate hike is coming later this year. … Continued
In the right circumstances, U.S. stocks have room to rally – at least in the near-term. After the recent pullback, U.S.-based stock funds attracted $14.1 billion in the week ended July 8 – biggest inflows since mid-December (courtesy of Lipper). … Continued
The following are futures positions of non-commercials as of July 7, 2015. Change is week-over-week. 10-year note: After the June FOMC minutes were released, investors pushed back expectations for the first interest rate hike to March next year. The minutes … Continued
U.S. oil-related layoffs so far subdued Not surprising given ~80% rise in crude production past five-plus years Current production level problematic given inventory spike and downward pressure on crude price The spot West Texas Intermediate crude has gone through a … Continued
Looking around, there is no lack of things for investors to worry about. Although that is not the impression one gets looking at how gold is trading. After an incessant rally, Chinese stocks are in the midst of a sharp … Continued
The following are futures positions of non-commercials as of June 30, 2015. Change is week-over-week. 10-year note: Non-commercials continue to reduce net shorts – currently lowest since September 23rd last year. They have reduced net shorts by 98 percent in … Continued
Mon’s 35-percent rally in VIX rare – largest since 43-percent surge mid-Apr 2013 After weeks of suppression, VIX:VXV spikes into overbought zone – worth watching Not much change in Jul call open interest on Mon vs Fri; ATM put IV … Continued
Last week, IWM, the iShares Russell 2000 ETF, dropped 0.3 percent, to $127.50, but not before scoring another intra-day high of $129.10. There is both good and bad in how the ETF traded during the week. First, it sold off … Continued
The following are futures positions of non-commercials as of June 23, 2015. Change is week-over-week. 10-year note: Yields pushed up nearly 21 basis points for the week. Sales of both new and existing homes did well in May (even though … Continued