Following futures positions of non-commercials are as of October 6, 2020. 10-year note: Currently net long 69.5k, down 59.1k. The 30-year Treasury yield (1.57 percent) this week broke through its 200-day moving average (1.55 percent), having taken out the 50-day … Continued
The week started out strong, with Monday producing handsome gains on all major US equity indices. Before bulls could carry the momentum further, bears showed up in droves Tuesday at/near horizontal resistance – some minor, some major. The Nasdaq 100 … Continued
Last week, the S&P 500 as well as the Nasdaq 100 started out strong but finished poorly. The Russell 2000, on the other hand, stayed strong, closing near the week’s high. Before one interprets this as markets’ way of telling … Continued
Following futures positions of non-commercials are as of September 29, 2020. 10-year note: Currently net long 128.6k, up 46.4k. FOMC minutes for the September 15-16 meeting are due out Wednesday. Rates at that meeting were obviously left unchanged between zero … Continued
After four negative weeks, equity bulls should be happy with how things have panned out week-to-date but it is far from all-clear. The Nasdaq 100 reclaimed the 50-day, while the S&P 500 closed Tuesday right on it. Both broke through … Continued
Following futures positions of non-commercials are as of September 22, 2020. 10-year note: Currently net long 82.2k, up 67.4k. Several Fed officials this week stressed on the need for Congress to get its act together and provide fiscal help. This … Continued
Investors Intelligence bulls are down three weeks in a row from 100-week high 61.5 percent to 51.5 percent. Sentiment remains in the optimistic zone. Importantly, this week’s rally attempts were just denied at the 50-day on the Nasdaq 100, which … Continued
Bulls tried to put foot down on Monday. If they succeed in building on this further, the next tug of war on major indices lies around their respective 50-day, reclaiming of which can even induce short squeeze, particularly in tech. … Continued
Following futures positions of non-commercials are as of September 15, 2020. 10-year note: Currently net long 14.8k, up 5.3k. The Fed Wednesday said rates will stay zero-bound through the end of 2023. The fed funds rate in March was lowered … Continued
On a 12-month basis, foreigners’ purchases of US equities dropped slightly in July, with June the highest since April 2010. If this represents a turn in their sentiment, this will have come at a time when buybacks are no longer … Continued