Following futures positions of non-commercials are as of August 18, 2020. 10-year note: Currently net long 87k, up 81.5k. Last Thursday’s intraday high of 0.73 percent just about tested the upper bound of a five-month range, in which rates went … Continued
Following futures positions of non-commercials are as of August 11, 2020. 10-year note: Currently net long 5.5k, down 86.6k. The 10-year treasury yield (0.71 percent) had a strong week, up 15 basis points, but not enough for a range breakout. … Continued
Tech, which led for a while, is now lagging. Amidst this, Tuesday produced interesting price action on both the S&P 500 and Russell 2000, with sellers showing up at crucial price points. Tech has begun to lag. The Nasdaq 100 … Continued
Following futures positions of non-commercials are as of August 4, 2020. 10-year note: Currently net long 92.1k, up 18.9k. The Fed’s balance sheet peaked in the week to June 10 at $7.17 trillion, up nearly $3 trillion in three months. … Continued
Following futures positions of non-commercials are as of July 28, 2020. 10-year note: Currently net long 73.2k, up 44.1k. The 10-year treasury yield lost five basis points this week to 0.54 percent. Five-month support at 0.57 percent has been breached. … Continued
Tech stocks rallied massively in the past four months, with the leaders outpacing the soldiers by a wide margin. Last week, post-earnings reaction to several tech stocks including MSFT indicated a ‘sell the news’ phenomenon. This week, four of the … Continued
Following futures positions of non-commercials are as of July 21, 2020. 10-year note: Currently net long 29k, down 29.1k. Tuesday, the FOMC begins a two-day meeting. This will be the fifth of eight scheduled meetings this year. There were two … Continued
Last week, the Russell 2000 jumped 3.6 percent, while the Nasdaq 100 slid 1.8 percent. If investors are indeed moving away from tech toward small-caps, this is no good news for markets as a whole. The five largest US companies … Continued
Following futures positions of non-commercials are as of July 14, 2020. 10-year note: Currently net long 58.1k, up 14.9k. The 10-year Treasury yield (0.63 percent) continues to bounce along the lower bound of a four-month range between 0.73 percent and … Continued
In the latest period, Nasdaq/QQQ shorts went on an offensive. The index/ETF rallied to a fresh high last Friday. Longs are salivating over the jump in short interest as yet another squeeze opportunity. In the past, zealous bears have repeatedly … Continued