Large- and small-cap divergence continues. Versus the Russell 2000 and the Nasdaq 100, the S&P 500 is beginning to show signs of fatigue. Large-caps continue to fall behind small-caps. Not to mention tech. The S&P 500 large cap index was … Continued
Here is a brief review of period-over-period change in short interest in the May 16-31 period in nine S&P 500 sectors. XLB (SPDR materials ETF) XLB (60.92) has made higher lows since early April, rallying past both 50- and 200-day … Continued
Following futures positions of non-commercials are as of April 17, 2018. 10-year note: Currently net short 371.7k, up 41.1k. The Treasury yield curve once again is the talk of the town. The yield spread between 10- and two-year notes fell … Continued
The past couple of weeks offered both equity bulls and bears a little something to celebrate. The bulls got the relief rally, and the bears an opportunity to short. What next? Since the S&P 500 large cap index peaked on … Continued
The saga continues. VIX (13.66) continues to get sold off around 15. Since April, intra-day the so-called fear index has traded above 15 nine times, and only once has it been able to close out above (Chart 1). That was … Continued
Gold fails to generate enough buying interest near important support levels Despite oodles of central-bank printing, inflation remains a no-show 1,180 next line of sand, which is not too far away; must-hold Remember the chart below? This was from Monday … Continued
Soft fundamentals, but gold continues to hold up well Large speculators added further to their net longs in gold futures Overbought near-term, but potential weakness likely gets bought near support Trend followers do what they do best. Large speculators are … Continued