Silver Analog Has Been Fulfilled, Nearly Perfectly
Here’s the updated silver analog chart below. Amazingly, it has been fulfilled nearly perfectly since we originally pointed it out as a reason to be short and/or avoid the PM complex all together. That was done all the way back…...
Additional Market Internals Suggest Panic Selling of Late
The vestige of 2008/2009 (or the summers of 2010/2011) and the specter of similar such events to come, seem to result in panic-induced selling quite frequently anymore. It seems as if market internals get ravaged so quickly that mere ~5%…...
What Can Market Internals Tell Us About the Current U.S. Equity Sell-off?
If the selling is to continue, it likely does so until the 10 day MA of the ratio of NYSE 52 week lows vs. highs reaches the high teens in the chart below. As of right now, per the red…...
Will Emerging Market Underperformance Ever Cease?
I’ve been very mute on the topic of EMs for most of the site’s history. The only topic of conversation that has been seen on these pages has revolved around the idea that the decade long bull market in commodities…...
Is the Recent Increase in Rates Sustainable?
I believe it is. As we pointed out last week in this post, the ratio of the SPX vs. TYX was suggested a large and imminent move in one of two asset classes – either the SPX or rates. Turns…...
Prospect of Consolidation Could Support Out-Performance of this Industry
In the recent past there’s been some noise in the beleaguered publishing/media industry re: consolidation/M&A. Just last week GCI announced they’d pay a ~30% premium to acquire the media assets of BLC. On Friday, TWC shares rose by ~9% on…...
Can Markets & Cycles Really be Timed?
I’ll get to the point – this is probably the best market timing tool I have ever seen or developed. More importantly, it’s the simplest. It’s something you can use on your own into perpetuity with a single, easy spreadsheet…...
This Ratio Suggests an Imminently Large Move in one of Two Asset Classes
In the chart below I plot the ratio of the SPX vs. TYX (30 yr US rates). Historically the ratio traveled in the channel defined by lines (1) and (2) from 1997 until 2012, when it broke above. Since that…...
Anatomy of a Crash
Look at the ramps and subsequent crash set-ups in the Dow (20s), Nikkei (80s) and Nasdaq (00s) and how remarkably similar they are. Seriously, the patterns are near identical. Look at the near uniformity of the initial declines as well…...
Does Valuation Matter and if so, When from a Historical Cycle Standpoint?
I’ve done a few posts over the past few months on why this level of the Shiller P/E is so important. In a nutshell – this level of valuation historically acts as a switch either turning off more upside and…...