Following futures positions of non-commercials are as of May 18, 2021. 10-year note: Currently net long 31.7k, up 30.4k. Apparently, some FOMC members at the April 27-28 meeting signaled that they were ready to discuss scaling back the Fed’s bond … Continued
Last week, equity bulls stepped up in time to save a rising 14-month trend line on the S&P 500. A similar trend line has been breached on the Nasdaq 100, which acts weak. It is just a matter of time … Continued
Following futures positions of non-commercials are as of May 11, 2021. 10-year note: Currently net long 1.2k, up 8.5k. FOMC minutes for the April 27-28 meeting will be made public on Wednesday. The meeting was a non-event – pretty much. … 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
Treasury Secretary Janet Yellen pretty much implied on Tuesday that the Fed is behind the curve, although she tried to walk back her comments later. The economy may be “overheating”, but the Fed is not ready to dial back its … Continued
Last week’s excellent earnings results from five of the top six US companies were unable to lift equities, which had rallied big into the reporting season. With major equity indices extended on several timeframes, weakness could be brewing. The Nasdaq … Continued
With subtle signs of distribution hitting major equity indices in recent sessions, results from the top six US companies – all tech – could not have come at a more important juncture. The 1Q21 earnings season is one fourth through. … Continued
Following futures positions of non-commercials are as of April 20, 2021. 10-year note: Currently net long 15.6k, up 18.3k. The FOMC meets next week. It is the year’s third meeting; five more remain – the scheduled ones, that is. Not … Continued
After major financials reported their March quarter last week, blended estimates for S&P 500 companies were revised higher last week. But post-earnings reaction leaves much to be desired. Next week, the top six US companies – all tech – report, … Continued