Earlier we described the the rapturous nature of Friday’s market — gold up, stocks down — but there was something pretty weird that happened.
In contravention of recent patterns, there was a major divergence between equities and commodities (even the industrial ones). They’ve been trading pretty 1-to-1 for ages, except for the days recently when equities outperformed.
So this is definitely a switch. Of course, could totally be a one-day blip.
Here’s OIL vs. the S&P today.