Semi stocks have gone parabolic since the March low, helping the Nasdaq 100 attain massive gains; tech, in turn, has helped the broader S&P 500. The magnitude is always debatable, but some level of froth is forming in equities. Thanks … Continued
Following futures positions of non-commercials are as of May 5, 2026. 10-year note: Currently net short 815.3k, down 23.9k. The 10-year treasury yield began the week with an intraday tag of 4.46 percent on Monday, closing lower a basis point … Continued
Even as options traders continue to remain complacent but doing so are minting money, non-commercial futures traders just turned bearish on tech shares. Amidst this, some early signs of fatigue are showing up in small-caps, although cash keeps setting new … Continued
Following futures positions of non-commercials are as of April 28, 2026. 10-year note: Currently net short 839.2k, up 48.2k. It increasingly looks like Federal Reserve Chair Jerome Powell’s successor, Kevin Warsh, will have his hands full once he takes over. … Continued
U.S. equity indices logged another week of gains. They bottomed on March 30. Amidst this feverish risk-on behavior, some early signs of risk-off showed up last week. Tech and small-caps both rose, with the Nasdaq 100 surging but the Russell … Continued
Following futures positions of non-commercials are as of April 21, 2026. 10-year note: Currently net short 791k, down 9.4k. The FOMC (Federal Open Market Committee) meets next week. Five more scheduled meetings remain after this for this year. The fed … Continued
The major US equity indices have all accumulated massive gains over the last three weeks. Rallies of such magnitude over such a short period of time do not occur very often and come amidst a dichotomy of consumer confidence that … Continued
Following futures positions of non-commercials are as of April 14, 2026. 10-year note: Currently net short 800.4k, down 23.3k. The 10-year treasury yield is back at testing crucial horizontal support at 4.20s. This week, it dropped seven basis points to … Continued
VIX last week breached late-December trendline support but remains above the important 200-day. Concurrently, after a massive rally off the March 30 low, which was probably aided by short-covering, the major equity indices ended last week right at/near important resistance. … Continued
Following futures positions of non-commercials are as of April 7, 2026. 10-year note: Currently net short 823.6k, up 39.6k. Non-commercials are once again aggressively adding to net shorts in 10-year futures, with the holdings up 58 percent from a 20-month … Continued