With 2Q23 earnings season nearly over, S&P 500 companies are set to earn more than what was expected at the start of the quarter. This, however, is not so as relates to S&P 400 and 600 companies. Mid- and small-caps … Continued
Following futures positions of non-commercials are as of Aug 8, 2023. 10-year note: Currently net short 691.7k, up 46.5k. Minutes for the July 25-26 meeting are due out Wednesday. The fed funds rate was raised by 25 basis points in … Continued
Both large- and small-caps have failed to meaningfully build on their recent breakout. They were stopped at important spot and now risk breakout retest. From last October’s low to the July 27th high of 4607, the S&P 500 shot up … Continued
Following futures positions of non-commercials are as of Aug 1, 2023. 10-year note: Currently net short 645.2k, up 21.4k. No sooner did the 10-year treasury yield break out of 4.09 percent, which resisted rally attempts in February and early July, … Continued
Interest rates on both the short and long end have gone up meaningfully. The federal government sits on nearly $33 trillion in debt, and the budget deficit is on the rise even though the economy is growing. This only means … Continued
Since last October’s bottom in stocks, trillions in additional wealth have been added. Prices headed north, even as earnings headed south, helping push up multiples. This also makes equity bulls, who are sitting on loads of paper profit, jittery, as … Continued
Following futures positions of non-commercials are as of July 25, 2023. 10-year note: Currently net short 623.8k, down 5.8k. This week, the Federal Reserve raised the fed funds rate by 25 basis points, to a range of 525 basis points … Continued
Having raised the fed funds rate by 525 basis points over 14 months, the Fed is under pressure to stop, but is not willing to commit to that. The culprits are sticky core inflation and financial conditions that are easing. … Continued
Following futures positions of non-commercials are as of July 18, 2023. 10-year note: Currently net short 629.6k, down 5.6k. The FOMC meets next week. Ahead of this, the fed funds rate was left unchanged in the June meeting, pausing for … Continued
Following futures positions of non-commercials are as of July 11, 2023. 10-year note: Currently net short 635.1k, down 145.5k. Last week’s channel breakout did not amount to much this week. Last October, the 10-year treasury yield retreated after tagging 4.33 … Continued