Following futures positions of non-commercials are as of October 24, 2023. 10-year note: Currently net short 563.4k, down 147.4k. The FOMC meets next week. After this, there is only one scheduled meeting left this year – on December 12-13. The … Continued
In a week in which several tech behemoths reported their September quarter, the Nasdaq 100 is down 3.1 percent through Thursday, falling out of a descending channel. But tech bulls have dual support just underneath – Fibonacci and moving average. … Continued
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
Equity bulls rallied the major US stock indices strongly early last week, but the momentum faded as the week progressed. One of the reasons for this is the lack of potential tailwind coming from heightened bearish sentiment. Equity bulls 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
The sell-side just bumped up estimates for S&P 600 operating earnings for both this year and next. The Russell 2000 does not give a hoot. Small-caps act weak – much weaker than large-caps. If they are sending the right signal, … Continued