Weekend July 15, 2023
We view charts in terms of American Dollars, but there are other measures. Here are some other ways of looking at the market
INDU in Dollars
One can see momentum is waning as the upward trend is flattening.
INDU in term of th CRB commodity prices
This chart shows that prices of things are outweighing the prices of stocks, yep that is the inflation you have been experiencing. and notice that from 1999 to 2012 this chart made no progress.
INDU in terms of GOLD
Gold has been gaining on stock prices simc the March 2000 peak. No wonder as Congress and the FED inflate the money supply by printing and spending dollars.
INDU in terms of Silver
Silver is more of an industrial metal but this chart conveys the same thing.
Seven stocks have dominated the up move this year, all in the tech sector. A WSJ weekend article suggests more stocks are joining the party, true as more investors pile in and on but looks like the party has ended.
INDU this year
Reality check, the IINDU has gone nowhere this year. all the action is in the seven tech stocks.
What Me Worry?
Investors are less worried at a lower high in the spx than they were at the previous high in late 2021. The lower the volatility index the more complacent investors have become which is what one would expect at a market top.
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