I created the title and then had a flashback to Spy vs. Spy… :-)
Anyway, here are some daily charts of other items vs. SPY. I am getting nudged in the direction of ‘inflation trade’ and as part of that I might need to concede that the US stock market may not go the way of the bears with inflation in the system, post-Goldilocks. Several of my long positions are in alignment with a potential ‘inflation trade’, including US manufacturing/exporters. I still hold SPY short. Ouch, but it’s more than fine; the 2016 out performers are seeing to that.
Here are relevant markets vs. SPY, beginning the EM’s, which we long ago noted were out performing. EEM-SPY is doinking the SMA 200 for the first time today.
XLE-SPY is constructive and has out performed for 2016. We NFTRH+’d the Energy ETF months ago on its big picture bottom prospects.
URA-SPY has gotten downright peppy to the upside. We have been monitoring the constructive look of nominal URA for a couple weeks now and NFTRH+’d it and CCJ a few days ago. The commodity itself looks awful, but could the miners be leading?
Finally, let’s look at old friend GDX-SPY. The precious metals miners tend to lead the whole inflationary shootin’ match and they have trounced SPY in 2016.
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