Headline US stock market ETF vs. headline US Treasury market ETF
The daily chart of the SPY/TLT ratio shows the broad US stock market (incl. dividends) clinging to its major uptrend (SMA 200) relative to long-term US Treasury bonds (incl. dividends). As with other indicators to disinflationary/deflationary 2023, this one is in transition. All good things in their due time, eh Beuller?
So the indication is that the herd’s confidence in equities vs. the supposedly foolproof safety of long-term Treasury bonds is intact. That’s okay. It’s the Q4-Q1 silly season after all, and we’ve got time.
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