Subscribers – Page 178 – Spiral Calendar

Mixed Month

Gold and oil have both surged as expected. Seasonal influences remain on the bulls' side for stocks for a bit longer.

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Weekly Update

The next leg up in gold lies directly ahead.

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No Quit

The Central Bankers aren't giving up without a fight.

click chart to enlarge

I expect gold to catch up with a move higher now.

video discussion within for subscribers.

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One Market

Japan and the US are one stock market when seen through the lens of a single currency.

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I am embarrassed. Previous charts of this relationship were incorrect. They showed the S&P in euroyen terms, not yen terms. I apologize. The correlation is quite a bit tighter now. The weak dollar versus world currencies had been helpful during the recent rally. A weak dollar versus the yen is not helpful.

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Weekly Update

Never taunt a cornered central bank.

click chart to enlarge This divergence will not persist.

click chart to enlarge

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Quartered

The intraday chart is set up for a potential island top, but given it is the end-of-quarter tomorrow, another day of prices holding seems likely. But Yellen's rally doesn't have much power behind it.

click chart to enlarge

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Chart-a-teria

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An interesting link on zerohedge shows how the rising yen is bearish for the S&P as Japan repatriates assets. I've reproduced their chart above as one to follow.

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And the yen remains correlated to gold - gold and yen are weak together now.

click chart to enlarge

I don't maintain that balance sheets inflated in dollar terms caused the current rally - but the chart does reflect the rumored G20 agreement to weaken the dollar and it's apparent (short term) success in stemming global equity weakness.