Following futures positions of non-commercials are as of October 29, 2024. 10-year note: Currently net short 901.2k, up 53k. The FOMC meets next week on Tuesday-Wednesday. A 25-basis-point cut is priced in. Immediately after the policy-setting body reduced the fed … Continued
US equities sold off Tuesday – apparently in reaction to higher-than-expected CPI readings for January. The consensus may have expected better prints, but the fact remains that last month’s y/y change was better than December’s. The disinflation trend is intact. … Continued
Following futures positions of non-commercials are as of September 5, 2023. 10-year note: Currently net short 791.5k, down 14k. Non-commercials reduced their massive holdings of net shorts in 10-year note futures, but nothing major. At 791,535 contracts, positions remain within … Continued
Until last Friday’s Jackson Hole speech by Jerome Powell, it was looking like US equities would continue to rally, but post-speech, the potentially rosy outlook got turned on its head. From the June 17 intraday bottom of 3637 to the … Continued
Following futures positions of non-commercials are as of April 12, 2022. 10-year note: Currently net short 299.9k, down 62.9k. That the 10-year treasury yield has gone parabolic in recent weeks is no exaggeration. As recently as March 1, rates tagged … Continued
Following futures positions of non-commercials are as of October 12, 2021. 10-year note: Currently net long 156k, up 14.7k. Last Friday’s high of 1.62 percent on the 10-year treasury yield represents a lower high versus 1.77 percent posted in March … Continued
Following futures positions of non-commercials are as of September 21, 2021. 10-year note: Currently net long 61.2k, down 68.2k. Markets took this week’s FOMC meeting well. Stocks recovered after heavy losses in the first two sessions. Bonds sold off, with … Continued
Last Thursday’s sizable drop in major US equity indices was sudden. Several metrics were so deep into overbought territory the decline probably did not come as a surprise to many. The magnitude of it was. Indices have rallied in the … Continued
Bulls put foot down. Bears had an opening but were unable to make much out of it. Another opportunity to take on the snorting bulls may be just around the corner. Since the S&P 500 large cap index (3297.59) peaked … Continued