Gavekal Capital: Friday Flush - S&P 500 Charts Edition

Friday, July 11, 2014

Friday Flush - S&P 500 Charts Edition

We usually prefer in our blog posts to give the reader a nice linear explanation of what we are laying out in front of them. Sometimes, however, when we are perusing our chart library we find a variety of charts that are interesting but are not exactly on the same theme. These charts still seem worthy to share, however, and since Fridays are a good day to shake things up we are calling this post our Friday Flush - S&P 500 Charts Edition because we are flushing out some of our more interesting but obscure charts on the S&P 500 with limited commentary.

The S&P 500 has spent most of this year pressing up against it's 65-day high and has only once touched the 65-day low
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So far in 2014, the equal-weighted S&P 500 index is outperforming the cap-weighted S&P 500 index by a little over 1%.
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The equal-weighted financial index are also outperforming market-cap weighted financials index.
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And banks continue to underperform the S&P 500.
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Small Caps relative underperformance to Large Caps is following our taper model nicely.
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Junk spreads are wondering when the S&P 500 is going to follow them down...
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Commodities continue to refute the most recent stock market advance.
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On the other hand, auto sales are moving in step with equity prices but are not at all-time highs.
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Cash assets at US commercial banks are also increasing with equity prices.
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Finally, durable goods orders have been able to break out to a new high yet.
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