The following are futures positions of non-commercials as of October 13, 2015. Change is week-over-week. 10-year note: Central bankers were probably busy scratching their heads this week. Despite trillions in quantitative easing and their valiant effort to push inflation above … Continued
The following are futures positions of non-commercials as of September 22, 2015. Change is week-over-week. 10-year note: Last week, post-FOMC decision not to hike, stocks fell. They had rallied strongly into the meeting, and were probably set to drop either … Continued
The following are futures positions of non-commercials as of August 25, 2015. Change is week-over-week. (Please keep in mind that these holdings are as of Tuesday. By then, from high to low the S&P 500 was down 12.5 percent. In … Continued
The following are futures positions of non-commercials as of July 28, 2015. Change is week-over-week. 10-year note: The following from the FOMC statement drew a lot of attention: “The Committee anticipates that it will be appropriate to raise the target … Continued
The following are futures positions of non-commercials as of July 14, 2015. Change is week-over-week. 10-year note: Fed Chair Janet Yellen during her mid-week Humphrey-Hawkins testimony reiterated her desire to hike interest rates later this year, if data cooperate. On … Continued
The following are futures positions of non-commercials as of July 7, 2015. Change is week-over-week. 10-year note: After the June FOMC minutes were released, investors pushed back expectations for the first interest rate hike to March next year. The minutes … Continued
U.S. oil-related layoffs so far subdued Not surprising given ~80% rise in crude production past five-plus years Current production level problematic given inventory spike and downward pressure on crude price The spot West Texas Intermediate crude has gone through a … Continued
The following are futures positions of non-commercials as of June 30, 2015. Change is week-over-week. 10-year note: Non-commercials continue to reduce net shorts – currently lowest since September 23rd last year. They have reduced net shorts by 98 percent in … Continued
The following are futures positions of non-commercials as of June 16, 2015. Change is week-over-week. 10-year note: Let us see if we can make some sense out of this week’s major developments. The FOMC met, and it looked like members … Continued
The following are futures positions of non-commercials as of June 2, 2015. Change is week-over-week. 10-year note: Yields have decisively broken out of a five-month downtrend channel. The only question is what triggered this. To quote the Beige Book: “The … Continued