The High Yield, Crude Oil, and Gold Markets Don't Share Today's Complacency in the Stock Market.
- The action the stock market the past two days seems to be indicating that the tick-for-tick correlation between the bond market and stock market is dissipating. However, it also shows how much complacency there is in the stock market right now.
- However, the action in the high yield market, the oil market, and the price of gold…all show that other assets are not as complacent as the stock market is today. It also raises questions about whether stock investors are whistling past the graveyard…like they did in early 2020.