Following futures positions of non-commercials are as of June 6, 2023. 10-year note: Currently net short 753.7k, down 96.7k. The FOMC begins a two-day meeting on Tuesday. After raising the fed funds rate by 500 basis points since March last … Continued
Following futures positions of non-commercials are as of April 26, 2022. 10-year note: Currently net short 117.8k, down 214.5k. The FOMC meets next week. This will be the year’s third, and five more remain after this. In the March meeting, … Continued
The Nasdaq Composite is down 23 percent from its record high last November. Shorts have done exceedingly well, as short interest rose to a fresh high mid-April. Both the Composite, and the Nasdaq 100, closed Tuesday at a crucial level. … Continued
The Russell 2000 broke out last week – a big victory for small-cap bulls. They will have scored a bigger one should they decisively defend breakout retest, which looks imminent. Last week, the Russell 2000 staged a major breakout, rallying … Continued
Bears are making a killing. Stocks have come under renewed selling pressure. The S&P 500 is very close to losing 20 percent on a closing basis. Amidst this, fresh from a 50-basis-point emergency cut of last week, the FOMC meets … Continued
The S&P 500 hurriedly jumped 6.4 percent in seven sessions. Impatient bulls essentially handed out shorts an opportunity to once again show up at 2800. The risk is the downside, but it is likely 2800-2600 remains intact in the next … Continued
What a week! Stocks really took it on the chin last week, but by Friday there was some semblance of stability. Several indicators are in deep oversold territory. At least a reflex rally is due. During the carnage over the … Continued
Tomorrow, April’s new home sales come out. March was down 1.5 percent month-over-month to a seasonally adjusted annual rate of 511,000 units. The cycle peaked at 545,000 units in February last year – a seven-year high. The median price in … Continued
Yet another fortnight and yet another show of strength by equity bulls. During the March 31st-April 15th period, the S&P 500 large cap index rallied one percent, the NYSE composite 1.5 percent and the Nasdaq composite 1.4 percent, among others. … Continued
The stock market got off on the wrong foot this year… which is probably an understatement. Using the January 20th intra-day low, the S&P 500 large cap index lost nine percent in 12 sessions, the S&P 400 mid-cap index 13.1 … Continued