NFTRH+; an Important Distinction w/ the Gold Miners

I have been noting that the HUI/SPX ratio can lose the SMA 200 and still be okay as long as it makes a higher low to June, a loss of which would raise concern. That is still the case, but… I was looking at both of these charts side by side and it occurred to me that on this second, bigger picture chart I’d inserted … Continue reading NFTRH+; an Important Distinction w/ the Gold Miners

Who’s Interested in Rising Long-term Treasury Yields?

Yesterday we noted 3 sectors very interested in and benefiting from the cyclicality of rising long-term Treasury yields for a day at least. But what if the move is real, or as real as the Continuum’s limiter will allow it to be? What if the 30yr yield is headed for 2.6% or so? Well, below is a disgusting picture of the USA’s long, degrading journey … Continue reading Who’s Interested in Rising Long-term Treasury Yields?

NFTRH+; This is not a picture of failing inflation

RINF (inflation expectations gauge) is aligned with the view that markets are rotating, not ending. And that rotation, as of now at least, appears to be toward the cyclicals (and commodities). The cyclicals have been targeted by inflationary policy (fiscal & monetary) with economic reflation the goal. While it is getting hairy out there for the stuff that was winning all through the angst ridden … Continue reading NFTRH+; This is not a picture of failing inflation

NFTRH+; Machines Gone Wild, the Day After

Broad Markets As noted this morning to subscriber R.D. who emailed talking about the rotation to value and how it appeared machine driven. R.D…. It does seem obvious to me that you have to pre position your value bets for the unpredictable day that the machines change their minds.  Me… EXACTLY. It felt like the damn machines to me too. Pre-programmed for covid.cure=rotation.to.value I had … Continue reading NFTRH+; Machines Gone Wild, the Day After