The following are futures positions of non-commercials as of March 1, 2016. Change is week-over-week. 10-year note: Unbelievable! The Japanese government is getting paid to borrow money for a decade. For the first time ever, Japan sells 10-year bonds at … Continued
Arguably, if U.S. stocks followed crude oil or economic data, they probably would be a lot lower. Operating earnings of S&P 500 companies peaked at $29.60 in 3Q14, and have been decelerating since. With 474 companies having reported 4Q15 (as … Continued
The following are futures positions of non-commercials as of February 23, 2016. Change is week-over-week. 10-year note: Negative interest rates have suddenly become the topic du jour. Last month, Japan waded into negative interest rate policy (NIRP). This was totally … Continued
To say that SPY, the SPDR S&P 500 ETF, has been volatile in recent weeks is an understatement. Intra-day, between the December 29th high and the January 20th low, the ETF shed nearly 13 percent… in 15 sessions. Like that. … Continued
The following are futures positions of non-commercials as of February 16, 2016. Change is week-over-week. 10-year note: Global GDP will only expand at three percent this year. Says the OECD – the latest body to cut growth forecast this year. … Continued
SPY, the SPDR S&P 500 ETF, has essentially gone sideways since January 20th. That was the first low of the year after a 12-session, 11-percent waterfall drop. A subsequent eight-session rally had the ETF rally to $194.58, before it again … Continued
The following are futures positions of non-commercials as of February 9, 2016. Change is week-over-week. 10-year note: On June 5, 2014, the ECB cut the deposit rate for the euro zone’s commercial banks to minus 0.1 percent from zero. It … Continued
The following are futures positions of non-commercials as of February 2, 2016. Change is week-over-week. 10-year note: There you go! Again. Less than three months after instituting the first rate hike in nine years, Fed officials are behaving as if … Continued
Between the January 20th intra-day low of $181.02 and the February 1st high of $194.58, SPY, the SPDR S&P 500 ETF, rallied 7.5 percent… in nine sessions. Too much too fast? Probably. That said, this was preceded by a nearly … Continued
The following are futures positions of non-commercials as of January 26, 2016. Change is week-over-week. 10-year note: Two important developments took place this week in central banking. First, the Fed. This week’s FOMC meeting was a non-event. No interest-rate decision … Continued