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Gary Tanashian is proprietor of and Actionable, hype-free technical, macro economic and sentiment analysis is provided in the premium market report 'Notes From the Rabbit Hole' ( Complimentary analysis and commentary is available at the... More
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  • Dow-Gold Ratio Spawns a Screed 0 comments
    Jun 27, 2011 8:17 AM | about stocks: DIA, SPY, QQQ, GLD, SLV, GDX, GDXJ, GLDX

    As if anyone needs to be reminded, the question of whether or not a cyclical bull remains in progress for stocks - and this is still very much in question my friends - is secondary.

    The chart of the Dow as measured in gold (as opposed to Federal Reserve debt notes) continues to put the lie to any narrative that thinks it can preach about the value of stocks, at least in relation to things of actual value.

    Abbey Cohen's "US stock market right now is priced about 15% below where it should be" and the various 'stocks for the long run' crazies out there come to mind.  This is a chart that shows the 'stock & trade' of a formerly great nation down trending for a decade now, as the US desperately tries to meet each new challenge with renewed inflation attempts.  It's actually kind of sad, really.

    I'd expect this down slope to remain in place until we change our ways on a mass fundamental level in the public's awareness and education, which would eventually demand change in official policy.  It could be a long wait.

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