US equities surged last week pricing in a divided government – a Democrat in the White House, Republicans in control of the Senate and Democrats of the House of Representatives. Major indices rallied right into important resistance. The focus now … Continued
Following futures positions of non-commercials are as of November 3, 2020. 10-year note: Currently net short 5.7k, up 21.9k. No sooner did the 10-year Treasury yield (0.82 percent) recapture the 200-day than it was lost and then gained back again. … Continued
Major US equity indices took it on the chin last week. Medium- to long-term, there is more to go on the downside – if nothing else just to unwind overbought conditions. Near-term, in the right circumstances for bulls, a relief … Continued
Following futures positions of non-commercials are as of October 27, 2020. 10-year note: Currently net long 16.2k, down 6.8k. The FOMC meets next week. After this, only one meeting remains this year, slated for December 15-16. It will be interesting … Continued
Following futures positions of non-commercials are as of October 20, 2020. 10-year note: Currently net long 23k, down 52.3k. Treasury yields are rallying. The 10-year (0.84 percent) Friday unsuccessfully tested its 200-day moving average, even as the 30-year (1.65 percent) … Continued
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
Stocks increasingly are beginning to price in a possible democratic sweep on November 3. Both small- and large-caps staged important technical breakouts last week. They are liking the prospect of more stimulus, that is rising budget deficit. If this scenario … Continued
Following futures positions of non-commercials are as of October 6, 2020. 10-year note: Currently net long 69.5k, down 59.1k. The 30-year Treasury yield (1.57 percent) this week broke through its 200-day moving average (1.55 percent), having taken out the 50-day … Continued
The week started out strong, with Monday producing handsome gains on all major US equity indices. Before bulls could carry the momentum further, bears showed up in droves Tuesday at/near horizontal resistance – some minor, some major. The Nasdaq 100 … Continued