Crude May Continue to Under-Perform Other Risk Assets Such as Equities
The chart below plots the ratio of crude oil vs. the SPX. Earlier this year the ratio broke support line (1) which dated all the way back to 1998 – in effect, crude’s nearly 15 year trend of out-performance vs….
Analog Update
Focusing on the “4th consecutive annual gain” analog in this post. Heading into 4Q12 the analog suggested the potential for an immediate sprint higher for the entirety of the quarter or weakness in its first half, followed by strength in…...