Following futures positions of non-commercials are as of September 3, 2019. 10-year note: Currently net short 377.9k, up 68k. The 10-year Treasury yield (1.55 percent) rallied four basis points this week, but not before setting a three-plus-year low of 1.43 … Continued
Following futures positions of non-commercials are as of August 27, 2019. 10-year note: Currently net short 309.9k, down 91.9k. The 10-year Treasury yield (1.51 percent) could be setting up for a rally – duration and magnitude notwithstanding. Wednesday’s intraday low … Continued
In the two-week period ended mid-August, short interest continued to rise on both NYSE Group and Nasdaq, respectively up 4.4 percent and 1.8 percent period-over-period. In three and a half months, short interest has gone up 13.2 percent and 7.7 … Continued
Large-caps keep making new highs. Should small-caps, which currently sit at crucial juncture, manage to break out, risk-on sentiment can get a tailwind, driving several indicators – already extended – to dangerously extended territory. US equity indices keep making new … Continued
Following futures positions of non-commercials are as of July 16, 2019. 10-year note: Currently net short 347.2k, up 58.4k. In its quest to justify a rate cut later this month, the Fed may be inadvertently creating a precedent that it … Continued
May was rough for US stocks. The S&P 500 large cap index lost 6.6 percent, the NYSE composite 6.1 percent and the Nasdaq composite 7.9 percent. Things reversed in June and July. Through the intraday low on June 3 through … Continued
Following futures positions of non-commercials are as of June 25, 2019. 10-year note: Currently net short 281.1k, down 121.9k. Since peaking at 3.25 percent last October through the intraday low seven sessions ago of 1.98 percent, the 10-year Treasury yield … Continued
NYSE and Nasdaq short interest is up a decent amount since end-April. Nasdaq’s in particular is the highest since March 2016. The index rallied after bottoming early this month. At least until the middle of the month, shorts were staying … Continued
There is no shortage of divergences – be it in macro or other assets, including equities. Major equity indices peaked early this month but put foot down early last week. Medium term, building on it further can prove difficult. Overbought … Continued
Here is a brief review of period-over-period change in short interest in the April 16-30 period in 10 S&P 500 sectors. XLB (SPDR materials ETF) Since peaking on April 17 at 58.50, XLB (54.40) has been down for four straight … Continued