Earning Season is here, Expiry Next Friday

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Below chart is from Darrell, it appears that this ratio preceeds market moves AND that is a big thing!



USD / Rusell / T-note interest rate

or look at it this way

USD/Rusell * Tnote-sales price



When the Rusell goes up more than the dollar goes down, then animal spirits abound and this ratio goes down.  If at the same time Tnote-sales price goes down, i.e. the risk trade is ON, then ratio goes down more.