Following futures positions of non-commercials are as of June 9, 2020. 10-year note: Currently net long 2.3k, up 55.2k. Post-conclusion of FOMC meeting, Fed Chair Jerome Powell Wednesday sought to play down May’s much-better-than-expected jobs report, which showed the economy … Continued
Stocks are ripping higher. Sentiment is exuberant. Several technical indicators are extended. The Fed’s aggressive action was a catalyst in March when major US equity indices bottomed. Its asset holdings continue to grow, but the pace of growth has decelerated. … Continued
Following futures positions of non-commercials are as of June 2, 2020. 10-year note: Currently net short 52.9k, up 14.9k. This week, the ECB surprised markets with its new bond purchase program (more below). The FOMC meets next week. But no … Continued
S&P 500 companies spent $198 billion in buybacks in 1Q, up 9.3 percent sequentially. Given the uncertainty surrounding stocks and the economy, this must come as a nice surprise. Concurrently, there has been a jump in recent months in C&I … Continued
Following futures positions of non-commercials are as of May 26, 2020. 10-year note: Currently net short 38.1k, down 55.1k. The 10-year treasury yield (0.65 percent) has essentially gone sideways for nearly three months now. This was at a time when … Continued
Following futures positions of non-commercials are as of May 19, 2020. 10-year note: Currently net short 93.1k, down 58.4k. This data is a little outdated, but foreigners were big sellers of Treasury securities in March. On a net basis, they … Continued
Margin debt rose in April. US stocks had a very good April. Yet, investors do not seem to be in a mood to aggressively add to leverage – the same way they are leaning more toward large-caps than small-caps. FINRA … Continued
Following futures positions of non-commercials are as of May 12, 2020. 10-year note: Currently net short 151.5k, up 9.2k. On Wednesday, Jerome Powell, Fed chair, provided a gloomy view of the economy, saying the nation was experiencing an economic hit … Continued
Stocks have diverged from sharp deterioration in fundamentals. At the lows, several indicators were at washout levels, resulting in the massive rally that followed. But at this point in time, they may be responding more to the Fed’s monetary backstop … Continued
Following futures positions of non-commercials are as of May 5, 2020. 10-year note: Currently net short 142.3k, up 92.8k. On March 9th intraday, the 10-year Treasury yield made an all-time low of 0.4 percent. On February 6th, yields tagged 1.67 … Continued