Tech bulls only benefited in a minor degree from a major squeeze of non-commercials in the futures market. Concurrently, several other buying sources are increasingly acting hesitant. In the week to last Tuesday, non-commercials in Nasdaq 100 index (mini) futures … Continued
Following futures positions of non-commercials are as of October 13, 2020. 10-year note: Currently net long 75.3k, up 5.7k. After taking a one-month pause through early July, the Federal Reserve once again is accumulating assets. In the week to Wednesday, … Continued
Following futures positions of non-commercials are as of September 29, 2020. 10-year note: Currently net long 128.6k, up 46.4k. FOMC minutes for the September 15-16 meeting are due out Wednesday. Rates at that meeting were obviously left unchanged between zero … Continued
Following futures positions of non-commercials are as of September 22, 2020. 10-year note: Currently net long 82.2k, up 67.4k. Several Fed officials this week stressed on the need for Congress to get its act together and provide fiscal help. This … Continued
Following futures positions of non-commercials are as of September 15, 2020. 10-year note: Currently net long 14.8k, up 5.3k. The Fed Wednesday said rates will stay zero-bound through the end of 2023. The fed funds rate in March was lowered … Continued
The recent selloff in equities has come at a time of elevated Fed balance sheet, stabilizing earnings estimates and improving macro data. Either stocks believe these positives are not lasting or they are falling under their own weight, as they … Continued
Following futures positions of non-commercials are as of September 8, 2020. 10-year note: Currently net long 9.5k, up 23k. The FOMC meets this week. After the Tuesday-Wednesday meeting, two more remain this year – November 4-5 and December 15-16. As … Continued
Following futures positions of non-commercials are as of August 4, 2020. 10-year note: Currently net long 92.1k, up 18.9k. The Fed’s balance sheet peaked in the week to June 10 at $7.17 trillion, up nearly $3 trillion in three months. … Continued
Following futures positions of non-commercials are as of July 21, 2020. 10-year note: Currently net long 29k, down 29.1k. Tuesday, the FOMC begins a two-day meeting. This will be the fifth of eight scheduled meetings this year. There were two … Continued
June’s CPI was reported yesterday. Inflation behaves well. This makes the Fed’s job easier to continue to pour liquidity into the system. All hell breaks loose once inflation refuses to cooperate – whenever that is. After three successive months of … Continued