If investor/trader reaction last Friday to financials’ 1Q18 results is any indication, we are in for some interesting weeks ahead. First-quarter earnings season began in earnest last week. For 1Q18, the sell-side expects $35.63 in operating earnings from S&P 500 … Continued
Following futures positions of non-commercials are as of April 10, 2018. 10-year note: Currently net short 330.6k, down 44.7k. Annual core CPI rose stronger-than-expected 2.12 percent in March. This was the first year-over-year reading with a two handle in a … Continued
Here is a brief review of period-over-period change in short interest in the March 16-29 period in nine S&P 500 sectors. XLB (SPDR materials ETF) After remaining under the 200-day moving average since March 22, XLB (57.99) retook the average … Continued
Following futures positions of non-commercials are as of April 3, 2018. 10-year note: Currently net short 375.4k, up 70.2k. Ten-year Treasury yields (2.78 percent) rose from 2.03 percent last September to 2.94 percent this February. The 30-year fixed mortgage rate … Continued
After a 19-percent peak-to-trough drop, ITB defends crucial support Wednesday. Is this part of a normal correction or something is amiss in housing? In the last several sessions, tons of stocks as well as equity ETF’s and indices were literally … Continued
The S&P 500 large cap index is testing the lows of February, but VIX acts nowhere near as panicky. This could be a tell for stocks near term. The ISM manufacturing index dropped 1.5 points month-over-month in March. February’s 60.8 … Continued
February and March wrought technical damage on major US equity indices, but the path of least resistance increasingly looks up near term. March-quarter earnings season is upon us. This is the first quarter US companies will be reporting after the … Continued
Here is a brief review of period-over-period change in short interest in the March 1-15 period in nine S&P 500 sectors. XLB (SPDR materials ETF) During last week’s selling, XLB (57.17) not only lost the 200-day moving average but also … Continued
Stocks are selling off, but major indices are at/near crucial support, testing the will of the bulls. High-yield spreads are tightening. In Chart 1, the ICE BofAML US high yield BB effective yield is pitted against Moody’s seasoned AAA corporate … Continued
Following futures positions of non-commercials are as of March 20, 2018. 10-year note: Currently net short 313.3k, up 41.9k. Chairing his maiden meeting as Fed chief, Jerome Powell probably could not have asked for more insofar as markets’ reaction was … Continued