Following futures positions of non-commercials are as of September 26, 2023. 10-year note: Currently net short 732k, up 29.7k. The 10-year treasury yield continued higher, up 14 basis points from last week to 4.57 percent. On Thuresday, rates rose as … Continued
Having stopped responding to improving U.S. fundamentals, the US dollar index currently sits at a confluence of technical support. The U.S. economy in recent quarters has put up strong numbers. Real GDP in 4Q17 grew at a seasonally adjusted annual … Continued
Within a month, RVX, the Russell 2000 Volatility Index, has gone from 17.34 to 46.66 to now back down to 23.70. Volatility has been very volatile. Going back to early 2013, RVX has found support at 14, consistently rising off … Continued
June’s housing starts will be published this Friday. Month-to-month, this is a volatile series. May was down 11 percent, while April was up 22 percent. Historically, starts remain low. As Chart 1 shows, it is not often the green line … Continued
Over the past couple of days, U.S. housing produced two good reports for the month of May. Monday, existing home sales were published, coming in at a seasonally adjusted annual rate of 5.35 million units – up 5.1 percent month-over-month … Continued
Laggards since March, small-caps continue to fall behind large-caps With increasing signs of distribution, RUT, IWM face technical hurdles More pressure ahead if/when non-commercials start adding to net shorts Since end-September, large speculators have drastically cut back on their net … Continued