![Gold/Silver Ratio Very Close to Clearing Nearly 30 Years of Down-Trend Resistance](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2018/08/2018-09-10-Ratio-Gold-vs.-Silver-Monthly.png?resize=150%2C150)
Gold/Silver Ratio Very Close to Clearing Nearly 30 Years of Down-Trend Resistance
In the chart below I plot the ratio of gold vs. silver on a monthly basis, a thematic I highlighted in this recent post. Since the ratio peaked in 1991 it’s secular impulse has been one of incessant weakness-to-sideways action amid…...
![Oil Equipment & Services Have Never Been this Oversold in the Post WW2 Environment](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2018/07/2018-07-10-FTSE-Oil-Services-Equipment-10-Yr-RoC-Monthly.png?resize=150%2C150)
Oil Equipment & Services Have Never Been this Oversold in the Post WW2 Environment
Below I plot the 10-yr RoC in the FTSE Oil Equipment & Services Index along with the index itself. A decade is a logical period for look-back analysis and doubles as the anniversary of crude’s 2008 all-time high print of ~$145. I’ve…...
![Crude: 1980-1990...2008-2018](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2018/06/2018-06-28-Crude-1980-1990-vs.-2008-2018-Monthly.png?resize=150%2C150)
Crude: 1980-1990…2008-2018
Recall this mid-May post on the relationship b/t crude and gold. Therein, I also spoke about crude on its own, as follows: “What’s also interesting about crude since 2008 is how closely its cycle resembles the period from 1980-summer-1987.” I presented…...
![Closing the Loop on Japan & China](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/12/2016-12-07-Ratio-Nikkei-vs.-SHCOMP-Weekly.png?resize=150%2C150)
Closing the Loop on Japan & China
In the past few days I’ve detailed important inflection points in both Japan & China, at least as I perceived them. The only thing I didn’t do was throw up a ratio chart b/t the two region’s equity markets –…...
![Europe/US Relative Strength at 30-Year Channel Support](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/12/2016-12-06-Ratio-STOXX600-vs.-SPX-Monthly.png?resize=150%2C150)
Europe/US Relative Strength at 30-Year Channel Support
As broken as the EU is, the ratio of the STOXX 600 vs. SPX now sits at 30-year channel support (panel 1), with the last six months of under-performance ostensibly driven by crack-up fears (BREXIT, Italy, etc.). Also note that…...
![Press Long Semi Bets](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/08/2016-08-10-Ratio-SOX-vs.-SPX-Weekly.png?resize=150%2C150)
Press Long Semi Bets
A month ago we put together a semiconductor-related post that highlighted the likelihood of the group vastly out-performing the broader market. Since then both the SMH ETF and the SOX Index are up ~10% vs. the SPX. Not a bad relative…
![Semiconductors Poised for Out-Performance vs. SPX](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/07/2016-07-11-Ratio-Price-to-Sales-INTC-vs.-SPX-Monthly.png?resize=150%2C150)
Semiconductors Poised for Out-Performance vs. SPX
In the chart below I plot the SMH semiconductor ETF vs. SPY on a monthly closing basis. Note that it is breaking above line (1) and (2) resistance; line (1) dates back ~16 years and line (2) a decade. This…...
![Long AMZN, Short AAPL Pair Trade Has Legs](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/04/2016-04-27-Ratio-AMZN-vs.-AAPL-Daily-1.png?resize=150%2C150)
Long AMZN, Short AAPL Pair Trade Has Legs
On 12/17/15 in this post we highlighted the favorable technical set-up in the ratio of AMZN vs. AAPL and said the following about the first chart below, which is the chart we presented in the original post: “Here’s AMZN vs. AAPL. I…
![MSFT Attractive vs. AAPL](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/01/2016-01-31-Ratio-AAPL-vs.-MSFT-Weekly-2.png?resize=150%2C150)
MSFT Attractive vs. AAPL
I’ve beat the tune of the bullish MSFT drums on this site dating back to 2013. Most recently I suggested a spread trade b/t it on the long side and an INTC short on 1/9/16 in this post using this…...
![Additional "Relative" Opportunities](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2016/01/2016-01-08-Ratio-TLT-vs.-SPY-Weekly.png?resize=150%2C150)
Additional “Relative” Opportunities
On 12/16/15 I outlined in this reasonably detailed post what I thought were a collection of strong relative strength ideas. The overriding conclusion from all of the charts presented in that post was that non-cyclical areas of the world were apt…...