Just a little big picture perspective for you here. This is the latest view of some of the biggest global asset classes and how oversold or overbought they are. I used the percentage deviation from the 200 day moving average as a simple point of reference.
The notable stand-outs are natural gas vs brent crude and the stunning performance of the Nikkei Index versus all other equity markets. If you thought the S&P seemed overbought….
As we all know by now, the commodity complex has been slammed in recent days and precious metals have taken the worst beating. Silver is down an incredibly -24% from its 200 day moving average while gold is off -17%. The beating in Brent Crude has been nearly as bad at -12%.
Chart via Orcam Investment Research:
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