$IRX Weekly

If the stock market was meant to continue rising, then discounting of treasury bills must continue. Negative nominal rates will be seen as a temporary expedient to achieve this end. What is unusual and quite remarkable is that two 1929-style stock market crashes have occurred, the bankruptcy of a Wall St. bank, a housing bubble collapse, and yet the market continues on its merry course.

All that's required is a little jawboning on the part of the Fed, and traders will push rates into the negative.

http://schrts.co/2mefQa

$Gold:$CDW

The gap on the monthly $CAD has been filled. I would say that the $CAD bull market is pretty much over, given the transit of over $200 from the peak. The $U.S. decline is interfering, but should drive the gold market further.

You have to question claims that there's a bull market in currencies other than the $U.S. dollar, though I think that a final leg up is still in store.

It depends entirely on interest rates now.

http://schrts.co/NEhZqL

$TNX:!PRII Weekly

I've extended the time range on this chart to include the time period of the previous correction in gold prices, and added Stewart Thompson's favourite stokilator. You can see it's not that difficult, interest rates should continue to decline below inflation. Awaiting a weekly crossover of moving averages that appears a layup.

http://schrts.co/owsIfs

- F6