Improbably enough, the stock market vs gold (SPY-GLD) looks like a chart I’d be watching for a potential buy if it were a stock (ref. yesterday’s post on FTEK and GOGO).  It is constructive at least.

With the gold sector having been a good performer so far in 2014 and with some Ukraine static at least partially baked into gold (the old geopolitical crisis hedge canard), I guess the above is viable.

Also, as we noted in NFTRH last weekend, public opinion on silver (the PM leader) was way too bullish and the CoT data were gathering toward a structure where a reaction could happen.  We were well prepared for that.

So while I remain oh so bearish the market on a risk vs. reward basis, the possibility is that preparation for a burst up in stocks vs. gold may be warranted as well.

Just about the only thing standing in the stock market’s way is that the SOX, which we used as a leader to the entire rally out of Q4 2012, is still deciding whether or not to decisively break that long term resistance we reviewed the other day.

The charts are the charts.