![Chart Dump](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/03/2016-03-21-ASTE-Weekly.png?resize=150%2C150)
Chart Dump
I spent all weekend looking for attractive looking charts across all SPX industries. Below is a dump of the most compelling ones....
![Time to Revisit the Airline Out-Performance Idea](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/03/2016-03-21-SPX-Airlines-w-Ratio-vs.-SPX-Weekly.png?resize=150%2C150)
Time to Revisit the Airline Out-Performance Idea
One of the calls from this site that I’m most proud of is the long airline thematic I began laying out in spring-12 well before the group took off and well before it was fashionable to own it. Revisit these…...
![Protectionism as an Emerging Macro Thematic](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/03/2016-03-21-AVY-Weekly.png?resize=150%2C150)
Protectionism as an Emerging Macro Thematic
Deep and wide is the chasm in philosophical world views that stands between the remaining three candidates – Trump, Clinton or Sanders – for the US presidency. However, that great divide vanishes when it comes to the topic of globalization and…...
![TIP Break-Out Confirms Reflation Thematic, Augers for More Equity, PM Upside](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/03/2016-03-18-TIP-with-Gold-Weekly.png?resize=150%2C150)
TIP Break-Out Confirms Reflation Thematic, Augers for More Equity, PM Upside
As intimated as an increasingly likely outcome in this post on 3/2/16, treasury inflation-protected securities, via the TIP ETF, are breaking out of a consolidation/flag pattern put in place b/t lines (1) and (2) over the past five years. This…...
![How the Fed Abdicated its Independence to White House Geopolitical Strategy on Russia For Nearly Two Years](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/03/2016-03-17-Fed-Dot-Plot.png?resize=150%2C150)
How the Fed Abdicated its Independence to White House Geopolitical Strategy on Russia For Nearly Two Years
In the chart below I plot crude, the Russian Ruble (RUB) and OPEC production. From 2012 through mid-2014 all three print sideways. However, to the day beginning on 7/29/14, crude and RUB begin to collapse while OPEC production soars. Why such…...
![Increasingly Likely that the Past Year Has Been a Consolidation Pause Paving the Way for a Blow-Off Equity Rally](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/03/2016-03-08-NGDP-vs.-SPX-PE-Scatter-Plot-MKM-Partners.png?resize=150%2C150)
Increasingly Likely that the Past Year Has Been a Consolidation Pause Paving the Way for a Blow-Off Equity Rally
I increasingly struggle to find bearish historical precedents that line up with the market’s tone, tenor and structure over the past ~year. Though I was able to nail the collapse that came in Aug-15 right before it occurred and correctly saw…...
![Inflation Set to Expand?](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/03/2016-03-04-TIP-w-Gold-Weekly.png?resize=150%2C150)
Inflation Set to Expand?
The chart below shows TIP, or a vehicle that tracks inflation-protected treasury security prices, with a gold overlay. When TIP is rising in value inflation-protected securities are being bid up in anticipation of inflation rising; when TIP is declining it…...
![Draghi Disappointment Unlikely, but Half-Life of Intervention Diminishing](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/03/2016-03-03-Ratio-EUFN-vs.-XLF-Weekly.png?resize=150%2C150)
Draghi Disappointment Unlikely, but Half-Life of Intervention Diminishing
Below you’ll see the ratio of the EUFN (MSCI Euro Financials ETF) vs. XLF (US Financials ETF). Note the long-term downward sloping channel b/t lines (1) and (2) it’s traded in over the period in which we have trading history…....