And with the Dollar as strong as it's been, Gold has really taken a beating.
But not lately....
Can we call it a comeback?
You see, with new highs in the US Dollar this month, Gold did NOT make new lows. That bullish divergence is the first sign of life we've seen out of this thing for a while.
One thing unique about the market is that the game is never over. There aren't four 15-min quarters or two 20-min halves like in sports.
In those endeavors there is a beginning and an end.
You know who won (or who tied in some cases). But the match is over, and there will be another one in a few days or a few months, depending on the sport.
In the market, it never ends. This can cause issues psychologically, so it's something we should all be aware of and keep in mind.
But if you ask me, currently the bulls are scoring a lot more points. This is the first time we've seen that since Q1 this year, when the bears started running up the score.
Look at the S&P500 break out to new all-time highs relative to US Treasury Bonds.
Every year in the Spring we hear about "Sell in May and Go Away".
And this year that would have worked out well for you. That's when the NYSE Advance-Decline line peaked. That's when the NYSE stocks really began their drawdowns. That's when the new 52-week high list peaked on the NYSE.
Welcome to our latest RPP Report, where we publish return tables for various asset classes and categories, along with commentary on each.
Looking at the past helps put the future into context. In this post, we review the absolute and relative trends at play and preview some of the things we’re watching to profit in the weeks and months ahead.
We consider this our weekly state of the union address, as we break down and reiterate both our tactical and structural outlook on various asset classes and discuss the most important themes and developments currently playing out in markets all around the world.
In our most recent report, we focused on how the strongest areas were making fresh record highs. Things were looking up for the bulls... but that changed once again.
From the desk of Steve Strazza @sstrazza and Louis Sykes @haumicharts
Welcome to our latest RPP Report, where we publish return tables for various asset classes and categories, along with commentary on each.
Looking at the past helps put the future into context. In this post, we review the absolute and relative trends at play and preview some of the things we’re watching to profit in the weeks and months ahead.
We consider this our weekly state of the union address as we break down and reiterate both our tactical and structural outlook on various asset classes and discuss the most important themes and developments currently playing out in markets all around the world.
In our last report, we discussed all the whipsaws we had been witnessing in recent weeks and noted that the next major piece of information would be the velocity of the reactions these charts made in the opposite direction.
Fast forward to today and the bulls got all the follow-through they could want as many risk assets reclaimed all their damage and more. These were true failed breakdowns,...