May 29, 2021 - Financial Occultist

Weekly futures forex positioning data from the CFTC:

EUR long 104K vs 100K long last week. Longs increased by 4K
GBP long 31K vs 25K long last week. Longs increased by 6K
JPY short 50K vs 51K short last week. Shorts decreased by 1K
CHF short 1K vs 4K short last week. Shorts decreased by 3K
AUD short 1K vs 3K long last week. Flipped to short
NZD long 8K vs 8K long last week. No change
CAD long 45K vs 44K long last week. Longs decreased by 1K

The pound was the top performer this month in the G10 space and it got a bit of late-month love from speculators as the net position grew to the largest since early March. The high for the year was +36K in March.

The overall net USD short is the largest since late February.

US Indices stumble into the long weekend, giving back most gains

29-May-21 08:44 am

Anirudh Sethi

Meme stocks had a big turnaround

Shares of AMC went for a wild ride today in the latest meme stock mania. The company closed Thursday at $26.75 then soared to $36.72 at the open before turning around to finish 1.5% lower at $26.12.

Shares of GME finished 12.6% lower after opening 3% higher as well.

The selling in meme stocks and the overall market accelerated late ahead of the US month end and a long weekend that will keep markets closed through Monday.

On the day:

SPX up 3 points to 4204 (high of 4218) +0.1%
DJIA +0.2%
Nasdaq +0.1%
Russell 2000 -0.2%
Toronto TSX +0.4% (new record)

On the week:

SPX +1.2%
DJIA +0.9%
Nasdaq +2.0%
Russell 2000 +2.4%
Toronto TSX +1.6%

On the month:

SPX +0.6%
DJIA +1.9%
Nasdaq -1.5%
Russell 2000 +0.1%
Toronto TSX +4.1%

The chart of the Nasdaq above is an interesting one. The drama for the year certainly isn’t over because that’s eventually going to break in one direction or the other. Lately, it’s shown it can handle a bit of taper talk and that’s a positive.