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I’ll try to keep things simple with this recap of the 3 of the 5 major food groups (leaving aside commodities and currencies) for investors. No confusing you today with too many inter-market ratios, overly technical language or cute metaphors like the 3 Amigos (although it is notable that Amigo #2 is stopping exactly as we’d forecast, as you’ll see in the Bonds segment below).
So let’s take a technical look at larger picture of the 3 groups using weekly charts for gold and SPX and a monthly for 30yr bond yields, along with some thoughts. We’ll reserve the shorter-term technical management for subscriber updates and weekly NFTRH reports.
For the sake of your financial well being, continue to tune out inflation, trade wars, shooting wars, Ebola, China demand and Indian wedding season as reasons to be bullish the relic, it’s wilder little brother, silver and the miners. Continue to tune in to gold’s standing vs. stocks and other risk ‘on’ assets along with investor confidence, the economy, interest rate dynamics (including the yield curve) and to an extent, the state of your local currency. (more…)
Well, I’ll shut up about the oil gap and turn my attention to something even more important: bonds. Treasury bonds have been roaring higher all week, and that’s not great for me, because my entire options portfolio is oriented toward stronger interest rates. (IYR, TLT, XLU). Relief may be at hand, however. The gap at 120.28 is powerful, and my view is that within a month from now, we’ll have pushed below even the lows we saw earlier in May.