Major U.S. indices are struggling at major resistance. Here are the levels indices were aiming to take out: Dow Industrials, 17000-plus; S&P 500, 1990; Nasdaq 100, 4350; Dow Transports, 7700; and Russell 2000, 1080, among others. The Industrials sought to … Continued
Since the February 11th low up until this Monday, if we just use small-caps to measure the pulse of investor mood, it has been risk-on. From that low through the intra-day high this week, the Russell 2000 rallied north of … Continued
U.S. stocks have come a long way since February 11th. Intra-day, off that low through last Friday’s high, here is how much major U.S. indices have rallied: Dow Industrials, 10.1 percent; S&P 500 large cap index (Chart 1), 11 percent; … Continued
U.S. small-caps are rallying. Rallying hard. Harder than several of their peers. Since the intra-day low on February 11th, the Russell 2000 small cap index is up just north of 14 percent, also breaking out of 1035. This level approximates … Continued
Arguably, if U.S. stocks followed crude oil or economic data, they probably would be a lot lower. Operating earnings of S&P 500 companies peaked at $29.60 in 3Q14, and have been decelerating since. With 474 companies having reported 4Q15 (as … Continued
The following are futures positions of non-commercials as of February 23, 2016. Change is week-over-week. 10-year note: Negative interest rates have suddenly become the topic du jour. Last month, Japan waded into negative interest rate policy (NIRP). This was totally … Continued
Stocks are rallying. In fact, off the intra-day low last week, the S&P 500 index (1906.9) is already up 5.2 percent. Last Wednesday’s hammer reversal on the index looks similar to the ones on October 15, 2014 and August 24, … Continued
U.S stocks are off to a stumbling start in 2016. In the year’s first eight sessions through intra-day lows yesterday, the Dow Industrials lost 7.3 percent, the S&P 500 large cap index 7.5 percent, the Nasdaq composite 9.6 percent, and … Continued
The following are futures positions of non-commercials as of December 29, 2015. Change is week-over-week. (Due to New Year’s Day last week, the CFTC released numbers on Monday, instead of last Friday.) 10-year note: ‘Will it or wouldn’t it?’ was … Continued