Following futures positions of non-commercials are as of April 13, 2021. 10-year note: Currently net short 2.7k, up 87.2k. Amid investor concerns that the market may get ahead of the Fed in terms of expectations for rate hikes and/or tapering … Continued
This week begins the 1Q21 earnings season. The S&P 500 rallied to a new high last Friday. Sentiment remains elevated. Unwinding is just a matter of time – whether it begins now or in a couple of weeks. The 1Q21 … Continued
Following futures positions of non-commercials are as of April 6, 2021. 10-year note: Currently net long 84.6k, up 174.4k. On March 17, the 10-year treasury yield broke out of 1.63 percent, subsequently rallying to 1.77 percent by the 30th. Rates … Continued
The S&P 500 posted a new record last Thursday; otherwise a laggard this year and March in particular, the Nasdaq 100 too reclaimed its 50-day. Continued strength in tech should reverberate through the rest of the market, particularly market cap-weighted … Continued
Following futures positions of non-commercials are as of March 30, 2021. 10-year note: Currently net short 89.8k, up 102.1k. Minutes for the March 16-17 FOMC meeting will be out next Wednesday. Not much extra color is expected out of these … Continued
Major US equity indices are diverging. The S&P 500 is itching to once again break out, even as the Nasdaq 100 acts tentative. Tech has suffered technical damage, and without the sector’s participation, it is hard to imagine the S&P … Continued
Following futures positions of non-commercials are as of March 23, 2021. 10-year note: Currently net long 12.3k, up 8.2k. The 10-year treasury yield enjoyed several breakouts this year – out of one percent early January, 1.2 percent mid-February and 1.4 … Continued
Following futures positions of non-commercials are as of March 16, 2021. 10-year note: Currently net long 4.1k, up 50.2k. The FOMC left the benchmark rate between zero and 25 basis points this week. Also left unchanged was the asset buying … Continued
Indices are beginning to diverge. Last week, large- and small-caps posted new highs, but tech struggled to put its act together. This is taking place at a time when sentiment is no longer as effusive as several weeks ago. If … Continued
Following futures positions of non-commercials are as of March 9, 2021. 10-year note: Currently net short 46.1k, down 49.5k. The FOMC meets next week. This is the year’s second meeting. Six more remain – the scheduled ones, that is. A … Continued