Not to get all Dennis-Gartman-y on you, but I find these ratio charts of equities divided by gold to be intriguing. Here we see the Dow Jones Industrial Average divided by gold futures. It looks to be about 80% done with what might ultimately be a really magnificent, rounded top.
Here is a similar chart, using the Dow Jones Financial sector, also in gold terms.
80% done is not 100% done, however, and as France’s CAC-40 stock index clearly illustrates, a chart can certainly get ALMOST done and then, while making an obscene gesture, go blasting out of its pattern in the totally opposite direction.
