US 10YR FUTURE TECHS: (U5) Bear Cycle Remains In Play
May-28 10:31
* RES 4: 112-04+ High May 2 * RES 3: 111-25 High May 7 * RES 2: 111-05+ High May 9 * RES 1: 110-21+/...
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EQUITIES: A busy Earning Schedule this Week
Apr-28 10:28
A very busy Week ahead on the Data front, but also a busy Earnings schedule, and big focus on supply chains.
- TUESDAY: Coca Cola, GM, Kraftz, Paypal, Pfizer, Booking, Starbucks, Visa, UPS.
- WEDNESDAY: Caterpillar, Meta, Microsoft, Qualcomm.
- TURSDAY: Eli Lilly, Estee Lauder, Mastercard, Mc Donald, Moderna, Amazon, Apple
- FRIDAY: Chevron, Exxon Mobile.
LOOK AHEAD: Monday Data Calendar: Dallas Fed Mfg Activity, Tsy Refunding Est
Apr-28 10:27
- US Data/Speaker Calendar (prior, estimate)
- 28-Apr 1030 Dallas Fed Mfg Activity (-16.3, -14.1)
- 28-Apr 1130 US Tsy $76B 13W & $68B 26W bill auctions
- 28-Apr 1500 US Tsy Quarterly refunding estimates (refunding annc on Wednesday at 0830ET)
US TSY FUTURES: CFTC CoT Shows A Managers Extend Long, While Funds Add To Short
Apr-28 10:23
The latest CFTC CoT report pointed to an extension of the broad positioning amongst both asset managers (longs added in most contracts) and leveraged funds (shorts added in most contracts).
- Only TY futures saw breaks of the wider themes, with asset managers trimming longs in that contract, while leveraged funds reduced shorts.
- Asset managers added a net ~$27.1mn DV01 equivalent of net long exposure across the curve, while leveraged funds added a net ~$11.4mn DV01 equivalent of net short exposure across the curve.
- Asset managers remain net long across the curve, while leveraged funds remain net short in all contracts.
- Broader non-commercial net positioning saw an extension of shorts in all contracts outside of TY futures (see table below for greater details), where shorts were trimmed. The cohort added a net ~$13mn DV01 equivalent of fresh net shorts across the curve. The cohort remains net short across the curve.
Source: MNI - Market News/CFTC/Bloomberg
