Getting Granular – Equities Currently Testing the Veracity of Their Recent Up-trend
By veracity we mean truth. The chart below highlights the SPY on a 60 minute basis over the past year. Note the level of the RSI at (1). With this week’s selling it sits at a level that is typically…
Ratio of Gold vs. Silver Sitting on Support that Has Tended to Coincide with Silver Tops Historically
The two technical set-ups in this post could make for some firecrackers, er, fireworks, in the metals space in the near-term. In the chart below the ratio of gold vs. silver has fallen to the combo of support lines (1)…...
Gold Faces its First Significant Test of Resistance Since Rallying 15% off its $1,525 Low
Over the past few months gold has rallied ~15% off its lows of $1,525. That rally has taken it up to two important resistance areas in the chart below including lines (1) and 61.8% Fib resistance formed b/t the metal’s…
Crude Appears to be Fading Somewhat Aggressively at Resistance & In Context of Seemingly Bullish Headlines
The chart below plots crude on a weekly basis. The commodity appears to be fading rather aggressively (i.e., -550 bps on the week so far) at the combination of resistance lines (1) and (2) drawn off its 2012 highs and…
Nasdaq Clearing 12-Year Resistance; Time to Pay Attention to Names/Themes That Worked in the Late 90s Again?
A little over a week ago on September 10th, before Fed day last Thursday, we noted that it appeared the Nasdaq was finally clearing its 50% Fib retracement level off the 2000/2002 highs/lows, something it hadn’t been able to do for…...
INTC Sitting On Quarter-Century Support Dating Back to 1986; Ratio of INTC vs. XLK Near All-Time Low
The chart below shows that INTC sits at quarter-century support line (2) dating back to 1986 while it is caught in a long-term consolidation pattern b/t lines (1) and (2). At the same time, the ratio of INTC vs. the XLK…
What Sectors & Industries Are Likely to Out or Under-Perform Moving Forward?
Please refer to my post yesterday on commodities under-performing on a relative basis over the past week despite the Fed’s pledge for infinite QE. Next refer to this post, which further emphasizes my general belief that commodities et. al under-perform moving…...
Despite Pledge of Infinite QE from Fed, Commodities Under-Performing over Past Week
The table below shows the one-week relative performance of global macro assets. This is an important table to think about given the material announcement from the Fed last week that it will be doing open-ended QE for the forseeable future….
Downside in Grains Set to Accelerate?
As you know, we’ve been reasonably bearish on this group dating back to July, with most of that focus being on corn, as these posts here and here highlight for background. In fact, on August 10, when corn was 7% higher,…...
Time to Warm Up to Nat Gas?
I’ve shown you the analog chart with housing and all the other “popped” bubbles. This is the chart that left us believing housing was a compelling trade last year and remains one today. We’ve also used the chart of late…...