It is early, but tech is beginning to lag. This is taking place even as the Fed is getting ready to begin an easing cycle. Historically, stocks tend to rally into this and then head lower. Tech is beginning to … Continued
The Russell 2000’s continued difficulty at 2100 runs in contrast to one after another high notched by large-cap indices such as the S&P 500. That said, last week’s weekly gravestone doji on the Nasdaq 100 is worth watching. After unsuccessfully … Continued
Following futures positions of non-commercials are as of January 2, 2024. 10-year note: Currently net short 832.7k, up 27.7k. Amidst signs that the 10-year treasury yield is ready for a reflex rally, non-commercials’ net shorts in 10-year note futures went … Continued
Following futures positions of non-commercials are as of November 28, 2023. 10-year note: Currently net short 685.4k, up 27.2k. Non-commercials do not seem ready to let go of their bearish bias just yet. This week, their holdings of net shorts … Continued
Following futures positions of non-commercials are as of August 9, 2022. 10-year note: Currently net short 286.5k, down 9k. Non-commercials slightly cut back net shorts in 10-year note futures. At 286,478 contracts, holdings remain elevated. In the week before, as … Continued
Following futures positions of non-commercials are as of July 26, 2022. 10-year note: Currently net short 199.9k, up 83.9k. The FOMC this week delivered what officials had telegraphed the rate-setting body would do. The fed funds rate was raised by … Continued
Following futures positions of non-commercials are as of November 23, 2021. 10-year note: Currently net short 323.4k, up 29.3k. As of last Tuesday, non-commercials added more to their holdings of net shorts in 10-year note futures. They are now most … Continued
Equity bulls used the Yellen dip last Tuesday as an opportunity to add to risk, not reduce. The Fed is making sure liquidity remains plentiful, and the short end of the yield curve is cooperative. In this environment, VIX on … Continued
Following futures positions of non-commercials are as of May 4, 2021. 10-year note: Currently net short 7.2k, up 63k. Treasury Secretary Janet Yellen stated on Tuesday that “it may be that interest rates will have to rise somewhat to make … Continued
Following futures positions of non-commercials are as of March 9, 2021. 10-year note: Currently net short 46.1k, down 49.5k. The FOMC meets next week. This is the year’s second meeting. Six more remain – the scheduled ones, that is. A … Continued