MichelleTan
2021-08-03
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3 Market Themes That You Should Be Aware Of<blockquote>您应该了解的3个市场主题</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":804629926,"tweetId":"804629926","gmtCreate":1627954756865,"gmtModify":1631890429152,"author":{"id":3573324576226032,"idStr":"3573324576226032","authorId":3573324576226032,"authorIdStr":"3573324576226032","name":"MichelleTan","avatar":"https://static.tigerbbs.com/675b3c18a31a7218811900a902274b2f","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":36,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Good</p></body></html>","htmlText":"<html><head></head><body><p>Good</p></body></html>","text":"Good","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/804629926","repostId":1148651516,"repostType":4,"repost":{"id":"1148651516","kind":"news","pubTimestamp":1627954371,"share":"https://www.laohu8.com/m/news/1148651516?lang=zh_CN&edition=full","pubTime":"2021-08-03 09:32","market":"other","language":"en","title":"3 Market Themes That You Should Be Aware Of<blockquote>您应该了解的3个市场主题</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148651516","media":"investing.com","summary":"While we are likely at the beginning of a long-term (secular) period of inflation, in the near term,","content":"<p>While we are likely at the beginning of a long-term (secular) period of inflation, in the near term, we seem to be experiencing deflation as seen in financial markets. I know that this may come as a surprise given that the price of consumer goods is rising and all the media content seems to be highlighting an environment of run-away inflation.</p><p><blockquote>虽然我们可能正处于长期（长期）通胀时期的开始，但在短期内，我们似乎正在经历金融市场上看到的通货紧缩。我知道这可能会令人惊讶，因为消费品价格正在上涨，所有媒体内容似乎都在强调通货膨胀失控的环境。</blockquote></p><p> Maybe the inflation trade just got overextended and this is a healthy pullback before we get another strong advance. Only time will tell, but the charts are suggesting deflation right now – not inflation.</p><p><blockquote>也许通胀交易刚刚过度扩张，在我们再次强劲上涨之前，这是一次健康的回调。只有时间能证明一切，但图表显示现在是通货紧缩，而不是通货膨胀。</blockquote></p><p> During deflationary environments, investors should focus on capital preservation. The best asset class in this environment is typically bonds. On the equity side, risk-off sectors such as utilities, health care and consumer staples tend to outperform.</p><p><blockquote>在通缩环境下，投资者应注重资本保值。在这种环境下，最好的资产类别通常是债券。在股票方面，公用事业、医疗保健和必需消费品等避险板块往往跑赢大盘。</blockquote></p><p> <h3><b>Market Breadth Continues To Deteriorate</b></h3> As I mentioned inlast month’s newsletter, market breadth is poor. While the <a href=\"https://laohu8.com/S/.SPX\">S&P 500</a> grinds to marginal new highs, it is on the back of a handful of large-cap stocks that account for an outsized portion of the index’s return.</p><p><blockquote><h3><b>市场广度持续恶化</b></h3>正如我在上个月的时事通讯中提到的，市场广度很差。而<a href=\"https://laohu8.com/S/.SPX\">标普500</a>在少数大盘股的支持下，该指数的回报占了很大一部分。</blockquote></p><p> There are numerous charts that I could show that illustrate the market’s deteriorating breadth. Here is one that drives the point home.</p><p><blockquote>我可以展示许多图表来说明市场广度的恶化。这里有一个很好地说明了这一点。</blockquote></p><p> Below is a chart of the Nasdaq Composite Index in the top panel and the number of stocks within that index that are above their respective 50-day exponential moving averages in the lower panel.</p><p><blockquote>下图是上图中的纳斯达克综合指数图表，下图是该指数中高于各自50天指数移动平均线的股票数量。</blockquote></p><p> Notice how the index is well above its moving average, yet there is only 37% of the stocks within that index above their moving averages.</p><p><blockquote>请注意，该指数远高于其移动平均线，但该指数中只有37%的股票高于其移动平均线。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e606635f51d517234d4467a4cc2720cc\" tg-width=\"990\" tg-height=\"876\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">NASDAQ Composite Chart.</p><p><blockquote>纳斯达克综合图表。</blockquote></p><p> <h3><b>Risk-Off Environment</b></h3> If we were in a high growth, inflationary environment, you would expect to see risk-on assets like semiconductors, transportation and small caps outperforming. But that is not what we have been seeing over the past few months.</p><p><blockquote><h3><b>避险环境</b></h3>如果我们处于高增长、通胀的环境中，您预计会看到半导体、运输和小盘股等风险资产表现出色。但这并不是我们在过去几个月中看到的情况。</blockquote></p><p> Below is a relative strength chart that illustrates the performance of semiconductor stocks relative to consumer staples stocks. When the line is rising, semiconductor stocks are outperforming consumer staples.</p><p><blockquote>下面是一张相对强弱图，说明了半导体股票相对于必需消费品股票的表现。当线上升时，半导体股的表现优于必需消费品。</blockquote></p><p> Consumer staples have been outperforming semiconductor stocks since the beginning of March. For the sake of brevity, I won’t show similar charts of small caps and transportation stocks; but they are underperforming as well.</p><p><blockquote>自3月初以来，必需消费品的表现一直优于半导体股。为了简洁起见，我不会展示类似的小盘股和运输股的图表；但他们的表现也不佳。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/add246713a1fe096703a704bd7b2783c\" tg-width=\"1200\" tg-height=\"876\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">SOXX And XPL.</p><p><blockquote>SOXX和XPL。</blockquote></p><p> How is the S&P 500 Index performing relative to Treasuries? Not good. For the past three months, Treasury Bonds have been outperforming the S&P 500.</p><p><blockquote>标普500指数相对于美国国债的表现如何？不太好。过去三个月，国债的表现一直优于标普500。</blockquote></p><p> <b>Treasury Bonds are outperforming stocks. Investors are not being rewarded for taking risk.</b></p><p><blockquote><b>国债的表现优于股票。投资者没有因为承担风险而获得回报。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/11d2e74046a3a33891b6f7663f86030b\" tg-width=\"1200\" tg-height=\"876\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">SPY And TLT.</p><p><blockquote>SPDR标普500指数ETF和TLT。</blockquote></p><p> <h3><b>Deflation Not Inflation</b></h3> During periods of economic expansion, which is the engine that drives inflation, you usually see yields rise and commodities likecopperrise.</p><p><blockquote><h3><b>通货紧缩而不是通货膨胀</b></h3>在经济扩张时期，这是推动通货膨胀的引擎，你通常会看到收益率上升，铜等大宗商品也会上涨。</blockquote></p><p> The price of copper is mainly influenced by the health of the global economy. This is because of the widespread applications of this commodity in the economy. A rising copper market suggests strong economic health, while a decline suggests the opposite.</p><p><blockquote>铜价主要受全球经济健康状况的影响。这是因为这种商品在经济中的广泛应用。铜市上涨表明经济健康状况强劲，而铜市下跌则表明相反。</blockquote></p><p> Copper had a strong advance that began at last year’s stock market bottom. That strong performance has petered out, and copper has been underperforming Treasuries for the past three months.</p><p><blockquote>铜价从去年股市底部开始强劲上涨。这种强劲的表现已经逐渐消失，过去三个月铜的表现一直逊于美国国债。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2e54c88411472fd0885b13b86597ceb6\" tg-width=\"1200\" tg-height=\"876\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Copper And TLT.</p><p><blockquote>铜和TLT。</blockquote></p><p> Bank stocks do well in a rising yield environment and Treasury prices perform well in a falling yield environment. Treasuries have been outperforming bank stocks recently. This is because of falling bond yields.</p><p><blockquote>银行股在收益率上升的环境中表现良好，国债价格在收益率下降的环境中表现良好。美国国债最近的表现一直优于银行股。这是因为债券收益率下降。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f86b4aa4fe3e80b98e35b460c57a07f1\" tg-width=\"1200\" tg-height=\"876\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">KRE And TLT.</p><p><blockquote>KRE和TLT。</blockquote></p><p> If we were in an inflationary environment, treasury yields would be rising and treasury prices would be falling. That is not what we are now seeing.</p><p><blockquote>如果我们处于通胀环境中，国债收益率将会上升，国债价格将会下跌。这不是我们现在看到的。</blockquote></p><p> Treasury prices bounced at support in March, advance above a downtrend line, and their 200-day moving average.</p><p><blockquote>美国国债价格在3月份的支撑位反弹，突破下降趋势线和200日移动平均线。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5dc620c4906599fdcb4bc5f10f1e8de1\" tg-width=\"1240\" tg-height=\"600\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">TLT Chart.</p><p><blockquote>TLT图表。</blockquote></p><p></p>","source":"lsy1594375853987","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Market Themes That You Should Be Aware Of<blockquote>您应该了解的3个市场主题</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Market Themes That You Should Be Aware Of<blockquote>您应该了解的3个市场主题</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investing.com</strong><span class=\"h-time small\">2021-08-03 09:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While we are likely at the beginning of a long-term (secular) period of inflation, in the near term, we seem to be experiencing deflation as seen in financial markets. I know that this may come as a surprise given that the price of consumer goods is rising and all the media content seems to be highlighting an environment of run-away inflation.</p><p><blockquote>虽然我们可能正处于长期（长期）通胀时期的开始，但在短期内，我们似乎正在经历金融市场上看到的通货紧缩。我知道这可能会令人惊讶，因为消费品价格正在上涨，所有媒体内容似乎都在强调通货膨胀失控的环境。</blockquote></p><p> Maybe the inflation trade just got overextended and this is a healthy pullback before we get another strong advance. Only time will tell, but the charts are suggesting deflation right now – not inflation.</p><p><blockquote>也许通胀交易刚刚过度扩张，在我们再次强劲上涨之前，这是一次健康的回调。只有时间能证明一切，但图表显示现在是通货紧缩，而不是通货膨胀。</blockquote></p><p> During deflationary environments, investors should focus on capital preservation. The best asset class in this environment is typically bonds. On the equity side, risk-off sectors such as utilities, health care and consumer staples tend to outperform.</p><p><blockquote>在通缩环境下，投资者应注重资本保值。在这种环境下，最好的资产类别通常是债券。在股票方面，公用事业、医疗保健和必需消费品等避险板块往往跑赢大盘。</blockquote></p><p> <h3><b>Market Breadth Continues To Deteriorate</b></h3> As I mentioned inlast month’s newsletter, market breadth is poor. While the <a href=\"https://laohu8.com/S/.SPX\">S&P 500</a> grinds to marginal new highs, it is on the back of a handful of large-cap stocks that account for an outsized portion of the index’s return.</p><p><blockquote><h3><b>市场广度持续恶化</b></h3>正如我在上个月的时事通讯中提到的，市场广度很差。而<a href=\"https://laohu8.com/S/.SPX\">标普500</a>在少数大盘股的支持下，该指数的回报占了很大一部分。</blockquote></p><p> There are numerous charts that I could show that illustrate the market’s deteriorating breadth. Here is one that drives the point home.</p><p><blockquote>我可以展示许多图表来说明市场广度的恶化。这里有一个很好地说明了这一点。</blockquote></p><p> Below is a chart of the Nasdaq Composite Index in the top panel and the number of stocks within that index that are above their respective 50-day exponential moving averages in the lower panel.</p><p><blockquote>下图是上图中的纳斯达克综合指数图表，下图是该指数中高于各自50天指数移动平均线的股票数量。</blockquote></p><p> Notice how the index is well above its moving average, yet there is only 37% of the stocks within that index above their moving averages.</p><p><blockquote>请注意，该指数远高于其移动平均线，但该指数中只有37%的股票高于其移动平均线。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e606635f51d517234d4467a4cc2720cc\" tg-width=\"990\" tg-height=\"876\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">NASDAQ Composite Chart.</p><p><blockquote>纳斯达克综合图表。</blockquote></p><p> <h3><b>Risk-Off Environment</b></h3> If we were in a high growth, inflationary environment, you would expect to see risk-on assets like semiconductors, transportation and small caps outperforming. But that is not what we have been seeing over the past few months.</p><p><blockquote><h3><b>避险环境</b></h3>如果我们处于高增长、通胀的环境中，您预计会看到半导体、运输和小盘股等风险资产表现出色。但这并不是我们在过去几个月中看到的情况。</blockquote></p><p> Below is a relative strength chart that illustrates the performance of semiconductor stocks relative to consumer staples stocks. When the line is rising, semiconductor stocks are outperforming consumer staples.</p><p><blockquote>下面是一张相对强弱图，说明了半导体股票相对于必需消费品股票的表现。当线上升时，半导体股的表现优于必需消费品。</blockquote></p><p> Consumer staples have been outperforming semiconductor stocks since the beginning of March. For the sake of brevity, I won’t show similar charts of small caps and transportation stocks; but they are underperforming as well.</p><p><blockquote>自3月初以来，必需消费品的表现一直优于半导体股。为了简洁起见，我不会展示类似的小盘股和运输股的图表；但他们的表现也不佳。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/add246713a1fe096703a704bd7b2783c\" tg-width=\"1200\" tg-height=\"876\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">SOXX And XPL.</p><p><blockquote>SOXX和XPL。</blockquote></p><p> How is the S&P 500 Index performing relative to Treasuries? Not good. For the past three months, Treasury Bonds have been outperforming the S&P 500.</p><p><blockquote>标普500指数相对于美国国债的表现如何？不太好。过去三个月，国债的表现一直优于标普500。</blockquote></p><p> <b>Treasury Bonds are outperforming stocks. Investors are not being rewarded for taking risk.</b></p><p><blockquote><b>国债的表现优于股票。投资者没有因为承担风险而获得回报。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/11d2e74046a3a33891b6f7663f86030b\" tg-width=\"1200\" tg-height=\"876\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">SPY And TLT.</p><p><blockquote>SPDR标普500指数ETF和TLT。</blockquote></p><p> <h3><b>Deflation Not Inflation</b></h3> During periods of economic expansion, which is the engine that drives inflation, you usually see yields rise and commodities likecopperrise.</p><p><blockquote><h3><b>通货紧缩而不是通货膨胀</b></h3>在经济扩张时期，这是推动通货膨胀的引擎，你通常会看到收益率上升，铜等大宗商品也会上涨。</blockquote></p><p> The price of copper is mainly influenced by the health of the global economy. This is because of the widespread applications of this commodity in the economy. A rising copper market suggests strong economic health, while a decline suggests the opposite.</p><p><blockquote>铜价主要受全球经济健康状况的影响。这是因为这种商品在经济中的广泛应用。铜市上涨表明经济健康状况强劲，而铜市下跌则表明相反。</blockquote></p><p> Copper had a strong advance that began at last year’s stock market bottom. That strong performance has petered out, and copper has been underperforming Treasuries for the past three months.</p><p><blockquote>铜价从去年股市底部开始强劲上涨。这种强劲的表现已经逐渐消失，过去三个月铜的表现一直逊于美国国债。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2e54c88411472fd0885b13b86597ceb6\" tg-width=\"1200\" tg-height=\"876\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Copper And TLT.</p><p><blockquote>铜和TLT。</blockquote></p><p> Bank stocks do well in a rising yield environment and Treasury prices perform well in a falling yield environment. Treasuries have been outperforming bank stocks recently. This is because of falling bond yields.</p><p><blockquote>银行股在收益率上升的环境中表现良好，国债价格在收益率下降的环境中表现良好。美国国债最近的表现一直优于银行股。这是因为债券收益率下降。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f86b4aa4fe3e80b98e35b460c57a07f1\" tg-width=\"1200\" tg-height=\"876\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">KRE And TLT.</p><p><blockquote>KRE和TLT。</blockquote></p><p> If we were in an inflationary environment, treasury yields would be rising and treasury prices would be falling. That is not what we are now seeing.</p><p><blockquote>如果我们处于通胀环境中，国债收益率将会上升，国债价格将会下跌。这不是我们现在看到的。</blockquote></p><p> Treasury prices bounced at support in March, advance above a downtrend line, and their 200-day moving average.</p><p><blockquote>美国国债价格在3月份的支撑位反弹，突破下降趋势线和200日移动平均线。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5dc620c4906599fdcb4bc5f10f1e8de1\" tg-width=\"1240\" tg-height=\"600\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">TLT Chart.</p><p><blockquote>TLT图表。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investing.com/analysis/3-market-themes-that-you-should-be-aware-of-200595566\">investing.com</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","ONEQ":"Fidelity NASDAQ Composite Index ETF"},"source_url":"https://www.investing.com/analysis/3-market-themes-that-you-should-be-aware-of-200595566","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148651516","content_text":"While we are likely at the beginning of a long-term (secular) period of inflation, in the near term, we seem to be experiencing deflation as seen in financial markets. I know that this may come as a surprise given that the price of consumer goods is rising and all the media content seems to be highlighting an environment of run-away inflation.\nMaybe the inflation trade just got overextended and this is a healthy pullback before we get another strong advance. Only time will tell, but the charts are suggesting deflation right now – not inflation.\nDuring deflationary environments, investors should focus on capital preservation. The best asset class in this environment is typically bonds. On the equity side, risk-off sectors such as utilities, health care and consumer staples tend to outperform.\nMarket Breadth Continues To Deteriorate\nAs I mentioned inlast month’s newsletter, market breadth is poor. While the S&P 500 grinds to marginal new highs, it is on the back of a handful of large-cap stocks that account for an outsized portion of the index’s return.\nThere are numerous charts that I could show that illustrate the market’s deteriorating breadth. Here is one that drives the point home.\nBelow is a chart of the Nasdaq Composite Index in the top panel and the number of stocks within that index that are above their respective 50-day exponential moving averages in the lower panel.\nNotice how the index is well above its moving average, yet there is only 37% of the stocks within that index above their moving averages.\nNASDAQ Composite Chart.\nRisk-Off Environment\nIf we were in a high growth, inflationary environment, you would expect to see risk-on assets like semiconductors, transportation and small caps outperforming. But that is not what we have been seeing over the past few months.\nBelow is a relative strength chart that illustrates the performance of semiconductor stocks relative to consumer staples stocks. When the line is rising, semiconductor stocks are outperforming consumer staples.\nConsumer staples have been outperforming semiconductor stocks since the beginning of March. For the sake of brevity, I won’t show similar charts of small caps and transportation stocks; but they are underperforming as well.\nSOXX And XPL.\nHow is the S&P 500 Index performing relative to Treasuries? Not good. For the past three months, Treasury Bonds have been outperforming the S&P 500.\nTreasury Bonds are outperforming stocks. Investors are not being rewarded for taking risk.\nSPY And TLT.\nDeflation Not Inflation\nDuring periods of economic expansion, which is the engine that drives inflation, you usually see yields rise and commodities likecopperrise.\nThe price of copper is mainly influenced by the health of the global economy. This is because of the widespread applications of this commodity in the economy. A rising copper market suggests strong economic health, while a decline suggests the opposite.\nCopper had a strong advance that began at last year’s stock market bottom. That strong performance has petered out, and copper has been underperforming Treasuries for the past three months.\nCopper And TLT.\nBank stocks do well in a rising yield environment and Treasury prices perform well in a falling yield environment. Treasuries have been outperforming bank stocks recently. This is because of falling bond yields.\nKRE And TLT.\nIf we were in an inflationary environment, treasury yields would be rising and treasury prices would be falling. That is not what we are now seeing.\nTreasury prices bounced at support in March, advance above a downtrend line, and their 200-day moving average.\nTLT Chart.","news_type":1,"symbols_score_info":{"HGmain":0.9,"ONEQ":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":359,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/804629926"}
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