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<title>Minyanville - Michael A. Gayed RSS</title>
<description>
The Trusted Choice for the Wall Street Voice
</description>
<link>
		http://www.minyanville.com</link>
<copyright>
		2013Minyanville Publishing and Multimedia, LLC. All Rights Reserved
</copyright>
		<item>
<title><![CDATA[What Does a Stock Market Top Look Like? An 'Intermarket' Analysis]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/255EDJI-255EGSPC-michael-gayed-Intermarket-Analysis/5/14/2013/id/49789</link>
<pubDate>
			Tue, 14 May 2013 14:24:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/255EDJI-255EGSPC-michael-gayed-Intermarket-Analysis/5/14/2013/id/49789</guid>
<description>
<![CDATA[In 1990, Michael E.S. Gayed, my father, published Intermarket Analysis and Investing, which outlined how to integrate economic, fundamental, and technical trends into the investment process. By integrating all three types of analysis into a sensible framework, his book exposed the inherent shortcomings of relying too heavily or exclusively on any single approach. Each school of stock market analysis is thoroughly examined so that the reader can understand each method and how they interact with other approaches. 

The book has been out of print for over two decades, but I&#39;ve spent the last year working to get it re-released for ]]>
</description>
<content:encoded>
	<![CDATA[In 1990, Michael E.S. Gayed, my father, published Intermarket Analysis and Investing, which outlined how to integrate economic, fundamental, and technical trends into the investment process. By integrating all three types of analysis into a sensible framework, his book exposed the inherent shortcomings of relying too heavily or exclusively on any single approach. Each school of stock market analysis is thoroughly examined so that the reader can understand each method and how they interact with other approaches. 

The book has been out of print for over two decades, but I&#39;ve spent the last year working to get it re-released for ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: Sharp Cyclical Rotation]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Sharp-Cyclical/5/8/2013/id/49696</link>
<pubDate>
			Wed, 8 May 2013 09:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Sharp-Cyclical/5/8/2013/id/49696</guid>
<description>
<![CDATA[In the case of a downtrend, the price reaches an oversold position and it remains there for an extended period of time, until the decline runs its course.
--Michael E.S. Gayed, my father, in the second edition re-release of Intermarket Analysis and Investing
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to ]]>
</description>
<content:encoded>
	<![CDATA[In the case of a downtrend, the price reaches an oversold position and it remains there for an extended period of time, until the decline runs its course.
--Michael E.S. Gayed, my father, in the second edition re-release of Intermarket Analysis and Investing
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: V-Formation Failures]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/v-formations-financials-financials-sector-xlf/5/2/2013/id/49587</link>
<pubDate>
			Thu, 2 May 2013 09:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/v-formations-financials-financials-sector-xlf/5/2/2013/id/49587</guid>
<description>
<![CDATA[During market declines, the relative-strength method gives an early clue about future leaders in the market.
-- Michael E.S. Gayed, my father, in the second edition re-release of Intermarket Analysis and Investing
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming ]]>
</description>
<content:encoded>
	<![CDATA[During market declines, the relative-strength method gives an early clue about future leaders in the market.
-- Michael E.S. Gayed, my father, in the second edition re-release of Intermarket Analysis and Investing
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: Defensive Trade to Break?]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Defensive-Trade/4/24/2013/id/49434</link>
<pubDate>
			Wed, 24 Apr 2013 10:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Defensive-Trade/4/24/2013/id/49434</guid>
<description>
<![CDATA[No single school of market analysis is foolproof, and market timing is no exception to the rule. While fundamental and economic analyses deal with rational expectations, market timing deals with the irrational; crowd psychology and emotional considerations are irrational, if not impulsive.
-- Michael E.S. Gayed, my father, in the second edition re-release of Intermarket Analysis and Investing

Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below ]]>
</description>
<content:encoded>
	<![CDATA[No single school of market analysis is foolproof, and market timing is no exception to the rule. While fundamental and economic analyses deal with rational expectations, market timing deals with the irrational; crowd psychology and emotional considerations are irrational, if not impulsive.
-- Michael E.S. Gayed, my father, in the second edition re-release of Intermarket Analysis and Investing

Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Is the Fed's $85 Billion Per Month Enough?]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Is-the-Fed2527s-252485-Billion-Per/4/17/2013/id/49312</link>
<pubDate>
			Wed, 17 Apr 2013 10:33:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Is-the-Fed2527s-252485-Billion-Per/4/17/2013/id/49312</guid>
<description>
<![CDATA[A wise man can learn more from a foolish question than a fool can learn from a wise answer.
-- Bruce Lee

Readers of my Buzz & Banter writings (subscription required) and Lead-Lag Reports know that I have been quite negative on equities since the end of January given the behavior of intermarket trends since then. Put simply, a deflation pulse has been beating beneath the surface, ignored by pundits who prefer to look at the Dow (INDEXDJX:.DJI) rather than inside it. The entire thesis has been that the Fed&#39;s $85 billion per month would force reflation, accelerate economic growth, ]]>
</description>
<content:encoded>
	<![CDATA[A wise man can learn more from a foolish question than a fool can learn from a wise answer.
-- Bruce Lee

Readers of my Buzz & Banter writings (subscription required) and Lead-Lag Reports know that I have been quite negative on equities since the end of January given the behavior of intermarket trends since then. Put simply, a deflation pulse has been beating beneath the surface, ignored by pundits who prefer to look at the Dow (INDEXDJX:.DJI) rather than inside it. The entire thesis has been that the Fed&#39;s $85 billion per month would force reflation, accelerate economic growth, ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: Correction Case Returns (Thanks, Cyprus)]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Correction-Case/3/26/2013/id/48914</link>
<pubDate>
			Tue, 26 Mar 2013 10:27:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Correction-Case/3/26/2013/id/48914</guid>
<description>
<![CDATA[Prophesy is a good line of business, but it is full of risks.
-- Mark Twain
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here.
 
LEADERS: ]]>
</description>
<content:encoded>
	<![CDATA[Prophesy is a good line of business, but it is full of risks.
-- Mark Twain
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here.
 
LEADERS: ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: How Jobs Data Has Altered Nearly All Intermarket Trends]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Jobs-Alter/3/11/2013/id/48652</link>
<pubDate>
			Mon, 11 Mar 2013 15:23:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Jobs-Alter/3/11/2013/id/48652</guid>
<description>
<![CDATA[If you change the way you look at things, the things you look at change.
--Wayne Dyer
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator. A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here. ]]>
</description>
<content:encoded>
	<![CDATA[If you change the way you look at things, the things you look at change.
--Wayne Dyer
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator. A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here. ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Is Gold the Next Leader?]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/precious-metals-gold-spy-gld-s2526p500/3/7/2013/id/48594</link>
<pubDate>
			Thu, 7 Mar 2013 13:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/precious-metals-gold-spy-gld-s2526p500/3/7/2013/id/48594</guid>
<description>
<![CDATA[Cruel leaders are replaced only to have new leaders turn cruel.
--Che Guevara
 
I&#39;ve talked about gold a few times here on Minyanville, making the case that over the past three years, the precious metal has served more as a deflation hedge than an inflation one. On every iteration of Quantitative Easing by the Fed, it has been stocks that have benefited the most.  Much of this may be due to the idea that with every round of easing, the odds of company buybacks increase as corporate executives borrow to buy shares.  Money has favored that which has had shrinking ]]>
</description>
<content:encoded>
	<![CDATA[Cruel leaders are replaced only to have new leaders turn cruel.
--Che Guevara
 
I&#39;ve talked about gold a few times here on Minyanville, making the case that over the past three years, the precious metal has served more as a deflation hedge than an inflation one. On every iteration of Quantitative Easing by the Fed, it has been stocks that have benefited the most.  Much of this may be due to the idea that with every round of easing, the odds of company buybacks increase as corporate executives borrow to buy shares.  Money has favored that which has had shrinking ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: Nouveaux Bulls Vs. Gray-Haired Bears]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Nouveaux-Bulls/3/5/2013/id/48546</link>
<pubDate>
			Tue, 5 Mar 2013 12:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Nouveaux-Bulls/3/5/2013/id/48546</guid>
<description>
<![CDATA[The more things change, the more they stay the same. 
-- Alphonse Karr
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios, which show the underlying trend of the numerator relative to the denominator. A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here.

LEADERS: NOTHING IS CONSISTENT ]]>
</description>
<content:encoded>
	<![CDATA[The more things change, the more they stay the same. 
-- Alphonse Karr
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios, which show the underlying trend of the numerator relative to the denominator. A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here.

LEADERS: NOTHING IS CONSISTENT ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: Corrective Behavior Underway]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Corrective-Behavior/2/26/2013/id/48370</link>
<pubDate>
			Tue, 26 Feb 2013 10:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Corrective-Behavior/2/26/2013/id/48370</guid>
<description>
<![CDATA[If there&#39;s not drama and negativity in my life, all my songs will be really wack and boring or something.
-- Eminem
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of ]]>
</description>
<content:encoded>
	<![CDATA[If there&#39;s not drama and negativity in my life, all my songs will be really wack and boring or something.
-- Eminem
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: Status Quo Correction Risks]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Status-Quo/2/12/2013/id/48050</link>
<pubDate>
			Tue, 12 Feb 2013 10:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Status-Quo/2/12/2013/id/48050</guid>
<description>
<![CDATA[I&#39;m not interested in preserving the status quo; I want to overthrow it.
--Niccolo Machiavelli

Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here.
 
LEADERS: BEAR ]]>
</description>
<content:encoded>
	<![CDATA[I&#39;m not interested in preserving the status quo; I want to overthrow it.
--Niccolo Machiavelli

Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here.
 
LEADERS: BEAR ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: Correction...Starts?]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/stock-market-correction-starts-Lead-Lag/2/5/2013/id/47894</link>
<pubDate>
			Tue, 5 Feb 2013 12:07:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/stock-market-correction-starts-Lead-Lag/2/5/2013/id/47894</guid>
<description>
<![CDATA[Distrust and caution are the parents of security.
--Benjamin Franklin
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator. A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here.


LEADERS: CORRECTION ODDS RISE
 
Financials (NYSEARCA:XLF) &ndash; ]]>
</description>
<content:encoded>
	<![CDATA[Distrust and caution are the parents of security.
--Benjamin Franklin
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator. A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here.


LEADERS: CORRECTION ODDS RISE
 
Financials (NYSEARCA:XLF) &ndash; ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: Stock Market Correction Coming]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Stock-Market-Correction-Coming-lead-lag/1/30/2013/id/47761</link>
<pubDate>
			Wed, 30 Jan 2013 11:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Stock-Market-Correction-Coming-lead-lag/1/30/2013/id/47761</guid>
<description>
<![CDATA[Expose yourself to your deepest fear; after that, fear has no power, and the fear of freedom shrinks and vanishes. You are free.
--Jim Morrison

Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.

For a ]]>
</description>
<content:encoded>
	<![CDATA[Expose yourself to your deepest fear; after that, fear has no power, and the fear of freedom shrinks and vanishes. You are free.
--Jim Morrison

Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.

For a ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: Are Bond Markets on the Verge of a Meaningful Break?]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/fixed-income/articles/Bond-Markets-On-the-Verge-of/1/15/2013/id/47406</link>
<pubDate>
			Tue, 15 Jan 2013 12:17:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/fixed-income/articles/Bond-Markets-On-the-Verge-of/1/15/2013/id/47406</guid>
<description>
<![CDATA[We choose what attitudes we have right now.  And it&#39;s a continuing choice.
-- John C. Maxwell
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios that show the underlying trend of the numerator relative to the denominator. A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For the full version of the Lead-Lag Report, click here. ]]>
</description>
<content:encoded>
	<![CDATA[We choose what attitudes we have right now.  And it&#39;s a continuing choice.
-- John C. Maxwell
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios that show the underlying trend of the numerator relative to the denominator. A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For the full version of the Lead-Lag Report, click here. ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: Return of the Cyclicals]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Return-of/1/8/2013/id/47214</link>
<pubDate>
			Tue, 8 Jan 2013 09:50:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-Return-of/1/8/2013/id/47214</guid>
<description>
<![CDATA[We choose what attitudes we have right now.  And it&#39;s a continuing choice.
--John C. Maxwell

Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here.
 
LEADERS: ]]>
</description>
<content:encoded>
	<![CDATA[We choose what attitudes we have right now.  And it&#39;s a continuing choice.
--John C. Maxwell

Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here.
 
LEADERS: ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Lead-Lag Report: A Warning for New Year Bears]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-A-Warning/12/17/2012/id/46746</link>
<pubDate>
			Mon, 17 Dec 2012 14:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Lead-Lag-Report253A-A-Warning/12/17/2012/id/46746</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL

Now the difficulty with those warnings is that they were not specific.
--Lee H. Hamilton
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here. ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL

Now the difficulty with those warnings is that they were not specific.
--Lee H. Hamilton
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors.  The below charts are all price ratios which show the underlying trend of the numerator relative to the denominator.  A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, click here. ]]>
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<title><![CDATA[Critical Juncture for Silver and Gold]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Critical-Juncture-for-Silver-and-Gold/12/13/2012/id/46655</link>
<pubDate>
			Thu, 13 Dec 2012 12:31:00EST
</pubDate>
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			http://www.minyanville.com/sectors/precious-metals/articles/Critical-Juncture-for-Silver-and-Gold/12/13/2012/id/46655</guid>
<description>
<![CDATA[Life is always at some turning point.
--Irwin Edman
 
With the Fed&#39;s latest iteration of QE, the question many are asking is whether risk assets continue their bullish move or if the market will once again shrug as it did following QE3.  An an interpreter of price, the question is best answered through relative movement, and by considering what the Fed wants &ndash; nominal growth.  What that means is that the Fed wants some combination of actual inflation and actual growth to push the economy into escape velocity mode.  Of course, just because the Fed wants it does not mean ]]>
</description>
<content:encoded>
	<![CDATA[Life is always at some turning point.
--Irwin Edman
 
With the Fed&#39;s latest iteration of QE, the question many are asking is whether risk assets continue their bullish move or if the market will once again shrug as it did following QE3.  An an interpreter of price, the question is best answered through relative movement, and by considering what the Fed wants &ndash; nominal growth.  What that means is that the Fed wants some combination of actual inflation and actual growth to push the economy into escape velocity mode.  Of course, just because the Fed wants it does not mean ]]>
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<title><![CDATA[Apple, Absurdity, and the Bear Paradox]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/stocks/articles/Apple-Absurdity-and-the-Bear-Paradox/12/11/2012/id/46560</link>
<pubDate>
			Tue, 11 Dec 2012 09:10:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/stocks/articles/Apple-Absurdity-and-the-Bear-Paradox/12/11/2012/id/46560</guid>
<description>
<![CDATA[Almost all absurdity of conduct arises from the imitation of those who we cannot resemble.
--Samuel Johnson
 
Apple (NASDAQ:AAPL) has grabbed the headlines over the past few weeks on aggressive selling, leaving many wondering whether the downtrend is nearing its end, or only just beginning.  While I rarely address individual stocks, I think it is very instructive to consider the performance of Apple within the context of something I&#39;ve called the Bear Paradox.  We all know that bond yields are at incredible low levels, and intellectually understand that anyone looking to buy and hold 10-year Treasuries is very likely to ]]>
</description>
<content:encoded>
	<![CDATA[Almost all absurdity of conduct arises from the imitation of those who we cannot resemble.
--Samuel Johnson
 
Apple (NASDAQ:AAPL) has grabbed the headlines over the past few weeks on aggressive selling, leaving many wondering whether the downtrend is nearing its end, or only just beginning.  While I rarely address individual stocks, I think it is very instructive to consider the performance of Apple within the context of something I&#39;ve called the Bear Paradox.  We all know that bond yields are at incredible low levels, and intellectually understand that anyone looking to buy and hold 10-year Treasuries is very likely to ]]>
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<title><![CDATA[China Breakout to Drive Melt-Up?]]></title>
<link>
			http://www.minyanville.com/sectors/global-markets/articles/China-Breakout-to-Drive-Melt-Up253F/12/5/2012/id/46389</link>
<pubDate>
			Wed, 5 Dec 2012 11:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/global-markets/articles/China-Breakout-to-Drive-Melt-Up253F/12/5/2012/id/46389</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL
 
We herd sheep, we drive cattle, we lead people. Lead me, follow me, or get out of my way.
-- George S. Patton
 
It appears that out of nowhere, markets worldwide are showing solid strength in the face of ongoing fiscal cliff concerns and ongoing negativity toward Europe. Market resiliency can not be denied, with every mini-correction only resulting in a short pullback, followed by a melt-up-like move as occurred after the April-May period earlier this year.  Our ATAC (accelerated time and capital) models used for managing our mutual fund and separate accounts positioned into equities last week, ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL
 
We herd sheep, we drive cattle, we lead people. Lead me, follow me, or get out of my way.
-- George S. Patton
 
It appears that out of nowhere, markets worldwide are showing solid strength in the face of ongoing fiscal cliff concerns and ongoing negativity toward Europe. Market resiliency can not be denied, with every mini-correction only resulting in a short pullback, followed by a melt-up-like move as occurred after the April-May period earlier this year.  Our ATAC (accelerated time and capital) models used for managing our mutual fund and separate accounts positioned into equities last week, ]]>
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			<item>
<title><![CDATA[The Lead-Lag Report: Market Tug of War]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Lead-Lag-Report-Market-Tug-of/12/4/2012/id/46351</link>
<pubDate>
			Tue, 4 Dec 2012 16:05:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Lead-Lag-Report-Market-Tug-of/12/4/2012/id/46351</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL

One of the truest tests of integrity is its blunt refusal to be compromised.
-- Chinua Achebe
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios, which show the underlying trend of the numerator relative to the denominator. A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL

One of the truest tests of integrity is its blunt refusal to be compromised.
-- Chinua Achebe
 
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other, with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios, which show the underlying trend of the numerator relative to the denominator. A rising price ratio means the numerator is outperforming (up more/down less) the denominator.
 
For a full version of the Lead-Lag Report, ]]>
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