Equity bears attacked where they could potentially have last week. With technicals in their favor, they will try to make further gains this week. It is up to the tech bulls to stop that from happening. Major tech outfits are … Continued
Following futures positions of non-commercials are as of October 10, 2023. 10-year note: Currently net short 713k, down 20.9k. The 10-year treasury yield was volatile this week, to say the least. The five sessions went like this – up, down, … Continued
With high-single-digit losses in major US stock indices since mid- to late-July, bulls made it clear last week they are putting their foot down. A reflex rally is probable. The 3Q earnings season begins in earnest later this week, and … Continued
Following futures positions of non-commercials are as of October 3, 2023. 10-year note: Currently net short 733.9k, up 1.9k. The FOMC minutes for the September 19-20 meeting will be reported on Wednesday. As expected, the fed funds rate was left … Continued
After three or four down weeks, major US equity indices have reached decent support. Right here and now, odds favor bulls more than bears. From its July 27th high through last Wednesday’s low, the S&P 500 gave back eight percent. … Continued
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
Following futures positions of non-commercials are as of September 19, 2023. 10-year note: Currently net short 702.3k, down 42k. The 10-year treasury yield this week made what could turn out to be an important breakout. Or could it? Last October, … Continued
Near-term, equity bulls may just have wasted an opportunity to put their foot down. Mid- to long-term, both margin debt and share buybacks are no longer a potent tailwind as they once were. FINRA margin debt dropped 2.9 percent month-over-month … Continued
Following futures positions of non-commercials are as of September 12, 2023. 10-year note: Currently net short 744.3k, down 47.2k. The FOMC meets next week. This is the sixth scheduled meeting this year, and two more remain – one each in … Continued
Following futures positions of non-commercials are as of September 5, 2023. 10-year note: Currently net short 791.5k, down 14k. Non-commercials reduced their massive holdings of net shorts in 10-year note futures, but nothing major. At 791,535 contracts, positions remain within … Continued