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The headline over at ZeroHedge pretty much says it all…………
So here we’ve got the one-two punch that our ($SPX/FR:DGS10) ratio chart has been anticipating: on the one hand, soaring equity prices (since, ya know, bargain) and on the other hand, falling interest rates. Put the two of them together, and the ratio chart is destined to rip higher. Given the well-formed top as well as the perfect touch of the channel’s midline, it’s an agonizing work of art:
Interest rate data is hard to find, but SlopeCharts has a wealth of it. Rates have been strengthening all year long (click on any chart for a larger version; the chart’s definition is in the upper-left corner):
Interest rates have been raging higher for months, and last week, looking at TBT, I figured it was time for an easing. So far, this has worked out, since the rates (as expressed by the ultra-short ETF based on TLT, shown below) had come up so far, and so fast. With rates calming down, the NASDAQ has embraced this and, as of this moment, is up about 250 points in a kind of relief rally.
This is a look at two ETFs: the granddaddy of them all, SPY (the S&P 500) and the high-yield corporate fund symbol HYG. In normal markets, they pretty much mimic the behavior of the other. As you can see, for many years, they are joined at the hip.