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Gary Kaminsky does a reasonably good job on CNBC … it helps that he was a money manager in a previous life (as I was). I mention him as he quite frequently mentions how the bond market is signalling one thing (economic weakness) and the stock market signalling the opposite.
Let's take a closer look at the relationship between the 10 Yr Treasury yields and the S&P 500:
Daily Chart:
Hedging when volatility is low
Something I've mentioned in previous posts (such as this one, "Plan not to Panic") is that investors ought to consider hedging when volatility is low, and hedging costs are relatively low as well. That's not the case now, as you can see from the second table below. Nevertheless, if Portfolio Armor downloads and subscriptions are any guide, every day the market tanks, more investors start thinking about hedging. It seems that some long investors start shopping for umbrellas after they get soaked.
Originally published on TheTechTrader.com.
During the last few sessions, my intraday gold/silver ratio work has been warning me that the recent leadership role of gold's upside acceleration might undergo a change. No, not that gold will reverse, but more than likely silver will begin to outperform gold again on the upside.
Again? Yes, remember that for 9-month period between July 2010 and April 2011, silver prices rocketed while gold prices climbed at a much more subdued rate of change.
My near- and intermediate-term ratio work is suggesting that the May-Aug gold leadership role is at or nearing completion, and that in the hours and days directly ahead, silver prices will begin to "out-accelerate" gold on the upside and show increasing resilience during periods of weakness.
The fact that silver prices hurdled their Apr-Aug resistance line this morning supports the unfolding leadership change.
Originally published on MPTrader.com.
