There are signs of macro deceleration. Equities may be starting to price this in, but are not panicking. If the S&P 500 rallies near term, how investors behave around 2800 can signal what kind of deceleration lies ahead. On October … Continued
Following futures positions of non-commercials are as of November 13, 2018. 10-year note: Currently net short 333.2k, down 206k. On October 5, the 10-year rate (3.07 percent) began retreating after touching 3.25 percent – the highest since May 2011. Thursday … Continued
Following futures positions of non-commercials are as of October 30, 2018. 10-year note: Currently net short 502.8k, down 41.2k. The 10-year Treasury rate continues to trade in a no-man’s land. Sort of. On October 5, it began retreating after touching … Continued
Following futures positions of non-commercials are as of October 9, 2018. 10-year note: Currently net short 622.4k, down 117.8k. Back in July 2016, the 10-year Treasury rate (3.14 percent) bottomed at 1.34 percent. Since then, it has made higher lows. … Continued
Following futures positions of non-commercials are as of October 2, 2018. 10-year note: Currently net short 740.2k, down 16.1k. Kudos to non-commercials for having doggedly remained bearish on 10-year Treasury notes. They reaped a bumper crop this week. In September … Continued
Following futures positions of non-commercials are as of September 25, 2018. 10-year note: Currently net short 756.3k, up 71.6k. Markets versus the Fed. Odds of a collision next year continue to rise. Post-FOMC meeting this week, the dot plot kept … Continued
Following futures positions of non-commercials are as of August 21, 2018. 10-year note: Currently net short 700.5k, up 2.3k. The 10-year T-yield (2.83 percent) lost five basis points this week. The neckline of a potentially bearish head-and-shoulders formation has been … Continued
Major US equity indices are at/past late-January highs. Investor sentiment, on the other hand, is nowhere near as giddy. Is this good or bad? The Russell 2000 small cap index (1722.54) just broke out of a two-month pennant. Of major … Continued
Bulls put foot down on major US equity indices last week. They have the ball near term. Shorts with medium-term focus can sell weekly puts to raise the short price. The greenback acts strong. The US dollar index (95.98) hit … Continued
Following futures positions of non-commercials are as of August 14, 2018. 10-year note: Currently net short 698.2k, up 111.9k. In the 12 months to July, the US Treasury issued $544.1 billion in notes and bonds. A year ago, issuance totaled … Continued