ICT Mentorship Core Content - Month 05 - How To Use Intermarket Analysis

Summary

This lesson delves into inter-market analysis, emphasizing its importance for long-term trading strategies. It outlines the interconnectedness of bond, commodity, stock, and currency markets, highlighting how understanding these relationships can simplify fundamental analysis. The instructor advises focusing on these four major groups to gain insights, rather than sifting through overwhelming economic data, and stresses the value of these market relationships in confirming long-term analysis and building trading confidence.

Takeaways

• 🌐 Inter-market analysis is a crucial tool for understanding how different financial markets are interconnected and influence each other.
• 📈 The bond and interest rate markets, commodity markets, stock market, and currencies market are the four major groups that need to be analyzed in inter-market analysis.
• 🔗 There is no direct one-to-one correlation between these markets; they do not move in lockstep but have a certain measure of lead and lag time in their relationships.
• 💼 Focusing on these four major groups can provide insights that are as valuable as analyzing fundamental data like CPI or employment trends.
• 📉 Bonds and stocks generally move together, with a bond market rally typically supporting a bull market for stocks, and vice versa.
• 📚 Commodities typically move in the opposite direction to bond prices, with a rising bond market often leading to a falling commodity market.
• 💲 The U.S. dollar index and commodities have an inverse relationship, meaning they move opposite to each other.
• 🌾 Agricultural commodities like grains are sensitive to the strength of the U.S. dollar, affecting export demand.
• 📊 The relationship between bonds and commodities can be indicative of inflationary pressures, with a lag time of 6 to 12 months before changes in trend are reflected.
• 📈 The bond market can act as a leading indicator for the stock market's direction, with a positive correlation between the two.
• 🌐 Understanding these inter-market relationships can help confirm long-term analysis and provide a directional bias for trading, enhancing the probability of successful trades.

Q & A

What is the main focus of the January 2017 ICT mentorship lesson?

The main focus of the lesson is on inter-market analysis, discussing how different market asset classes are related and the correlations between them without the use of charts or visual aids.

Why is it important to understand the relationships between different world markets?

Understanding the relationships between world markets is crucial for comprehensive analysis, as it aids in recognizing collective movements and influences that might not be apparent without a macro understanding of global economic activities like exports.

What are the four major groups of inter-market analysis mentioned in the script?

The four major groups are bond and interest rate markets, commodity markets, the stock market, and the currencies market.

How do bond and stock markets typically move in relation to each other?

Bonds and stocks generally move together, meaning if bond prices are rallying higher, it is supportive of a bull market for stocks, and vice versa.

What is the relationship between commodity prices and bond prices?

Commodity prices and bond prices have an inverse relationship, meaning they typically move opposite to each other.

How does the U.S. dollar index relate to commodity prices?

The U.S. dollar index has an inverse relationship with commodity prices, meaning if the dollar index is moving higher, commodities as a whole should be trending lower, and vice versa.

What impact does a strong U.S. dollar have on agricultural exports?

A strong U.S. dollar can diminish the demand for exports in the form of grains and livestock, as it makes U.S. agricultural products more expensive for foreign buyers.

What is the lead and lag time for market relationships in long-term macro perspectives?

In long-term macro perspectives, there can be a lead and lag time of up to 6 to 12 months before changes in one market start to reflect in another related market.

What is the significance of the relationship between the bond market and commodities in terms of inflation?

The relationship between the bond market and commodities is significant for understanding inflationary trends, as commodities are a leading indication of inflationary environments.

How can the information from inter-market analysis be applied to different trading strategies?

Inter-market analysis can be applied to various trading strategies, including day trading, scalping, swing trading, and long-term position trading, by providing insights into market trends and helping build probabilities in the trader's favor.

What is the presenter's view on the necessity of understanding fundamental data for successful trading?

The presenter suggests that while fundamental data is important, focusing on the relationships between the major market groups can provide similar insights without the need to digest overwhelming amounts of fundamental data.

Outlines

00:00

🌐 Introduction to Inter-Market Analysis

This paragraph introduces the concept of inter-market analysis, emphasizing its importance in understanding the relationships between different market asset classes. The speaker warns that the content will be dry but useful, advising viewers to pay close attention and take notes. The main focus is on the interconnectedness of world markets, particularly the bond and interest rate markets, commodity markets, stock markets, and currency markets. The speaker explains that these markets do not move in lockstep but are closely related, and understanding their relationships can aid in analysis. The speaker also mentions the importance of having a macro understanding of global economic relationships, such as exports, to fully grasp these market connections.

05:01

📈 Bond and Stock Market Relationships

The speaker discusses the relationship between the bond market and the stock market, noting that they generally move together. A rally in bond prices (not yields) supports a bull market for stocks, while a bear market in bonds makes it difficult for stocks to rally. The speaker also explains that commodities typically move in the opposite direction to bond prices, and that currencies are influenced by commodity exports and production. The U.S. dollar index is highlighted as having an inverse relationship with commodities, meaning they move in opposite directions. The speaker suggests using the U.S. dollar Index versus the CRB index (Commodity Research Bureau index) as a measure of this relationship, and provides additional notes on the subject.

10:01

📉 Inflation and the Bond-Commodity Relationship

This paragraph delves deeper into the relationship between bonds and commodities, focusing on their inverse relationship and the inflationary impact. The speaker explains that commodities are a leading indicator of inflationary environments and that changes in the bond and commodity relationship can take 6 to 12 months to manifest in trends. The CRB index is noted for its heavy weighting in agricultural and grain markets, while the Goldman Sachs commodity index is recommended for those focusing on energy. The speaker also mentions the importance of considering global trends when analyzing industrial metals and their impact on the market.

15:02

🔄 Key Inter-Market Relationships and Their Impact

The speaker outlines key inter-market relationships and their implications for trading. A bullish U.S. dollar index is expected to be bearish for gold, while a bullish gold market suggests bullishness for gold-exporting countries like Australia and New Zealand. The relationship between oil and the U.S. CAD (Canadian Dollar) is also discussed, as is the direct relationship between the Dow and the Nikkei index. The speaker emphasizes that understanding these relationships can provide confirmation for long-term analysis and help build probabilities in a trader's favor. The importance of timing in long-term trend trading is acknowledged, with the speaker noting the challenges of trading on higher time frame charts.

20:03

💼 The Value of Understanding Market Relationships

In the final paragraph, the speaker reiterates the value of understanding the relationships between different asset classes in the market. The speaker argues that these relationships can provide insights into market trends without the need to delve into fundamental data. The speaker suggests that by observing the prices and relationships of these asset classes, one can infer the underlying geopolitical and macroeconomic trends. The speaker concludes by encouraging viewers to study these relationships, as they can provide a foundation for long-term trend following and trading with confidence.

Keywords

💡Inter-market analysis

Inter-market analysis refers to the study of how different financial markets are related and how they influence each other. In the video, the concept is central to understanding the interconnectedness of various asset classes such as bonds, commodities, stocks, and currencies. The script emphasizes its importance in long-term analysis, providing insights into market behavior without the need to delve into overwhelming amounts of fundamental data.

💡Bond market

The bond market is where debt securities are issued and traded. In the context of the video, it is highlighted as one of the four major groups in inter-market analysis. The script explains that bond prices generally move inversely to interest rates, and their movement can be indicative of the overall economic health and inflation expectations, which in turn affect other markets like stocks.

💡Commodity markets

Commodity markets deal with primary economic goods such as metals, agricultural products, and energy. The script identifies commodities as a group that moves opposite to bond prices, serving as leading indicators for inflationary environments. Understanding commodity market trends is crucial for anticipating shifts in related currencies and other financial markets.

💡Stock market

The stock market is where shares of publicly traded companies are issued and traded. According to the script, stock prices generally move in conjunction with bond prices, indicating a supportive environment for stocks when bond prices are rallying. This relationship is important for long-term traders to gauge market sentiment and make informed investment decisions.

💡Currencies Market

The currencies market, also known as the forex market, involves the trading of one currency for another. The video script discusses how currencies are influenced by commodity prices, with a specific focus on the U.S. dollar's inverse relationship with commodity prices. Currency movements can reflect broader economic trends and are a key component in inter-market analysis.

💡Macro understanding

Macro understanding in the video refers to the big-picture view of economies and financial markets, taking into account factors like exports, interest rates, and inflation. The script emphasizes the importance of having a macro understanding to comprehend the relationships between different markets and to make sense of inter-market analysis.

💡Fundamental data

Fundamental data includes economic indicators and financial statistics that are used to evaluate the health of an economy or a company. The video script contrasts the overwhelming amount of fundamental data with the more streamlined approach of inter-market analysis, suggesting that the latter can provide similar insights into market trends without the need to process all the fundamental data.

💡Lead and lag time

Lead and lag time in the script refers to the delay between when one market reacts and when another follows suit. This concept is important in inter-market analysis as it acknowledges that market movements are not instantaneous but occur over time, affecting the timing of trades and investment strategies.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. The script mentions commodities as leading indicators for inflationary environments, and understanding inflation trends is vital for investors to anticipate shifts in bond and commodity markets.

💡Correlation

Correlation in the context of the video refers to the statistical relationship between two assets or markets, indicating how they move in relation to each other. The script discusses positive and inverse correlations among different market groups, which is essential for traders to identify potential trading opportunities and risks.

💡Long-term analysis

Long-term analysis focuses on identifying and following broader market trends over extended periods. The video script advocates for this approach, suggesting that understanding the relationships between different markets can provide a clearer long-term perspective and reduce the need to analyze every piece of fundamental data released.

Highlights

Inter-market analysis is predominantly conceptualized thinking with no charts or visual aids, making it dry but useful information.

World markets are directly linked, with correlations existing between different asset classes and sectors.

Understanding the collective relationships between markets aids in analysis, particularly focusing on bond, commodity, stock, and currency markets.

The four major groups of inter-market analysis do not move in lockstep but have a lead and lag time in their relationships.

Economist Theory suggests using market relationships instead of fundamental data for forecasting future prices.

Bonds and stocks generally move together, with bond market trends influencing stock market performance.

Commodities move opposite to bond prices, reflecting their inverse relationship.

The U.S. dollar is inversely related to commodities, impacting export demand and agricultural markets.

The U.S. dollar Index and commodity currencies have a direct relationship, with movements in one often reflecting in the other.

Bonds and commodities have an inverse relationship, with inflationary impacts seen in commodity markets.

The lead and lag time for bond and commodity relationships can be 6 to 12 months, indicating a long-term macro perspective.

The CRB Index is heavily weighted towards agricultural and grain markets, influencing its movements.

The Goldman Sachs commodity index focuses on energy, providing a different perspective on commodity markets.

Bonds and the stock market have a positive correlation, with bond market trends often leading stock market direction.

Deflationary periods are rare but can impact the relationship between bonds, stocks, and commodities.

Key inter-market relationships provide confirmation for long-term analysis and help build trading probabilities.

Understanding inter-market relationships can benefit traders in all facets of trading, from day trading to long-term position trading.

Inter-market analysis provides insights into long-term trends without the need for exhaustive fundamental data analysis.

The relationships between markets, as outlined in the presentation, can lead to the same outcome as fundamental data, offering a macro perspective on market trends.

Transcripts

welcome back folks this is lesson three

in the January 2017 content for the ICT

mentorship

I'm gonna be discussing how to use

inter-market analysis

okay our internet market analysis

presentation here is going to be

predominantly conceptualized thinking so

there's no charts here there's nothing

exciting okay but it's dry useful

information but it's very very dry so

I'm going to warn you ahead of time so

if you're trying to do something apart

from 100 attention you want to see this

lesson for a time when you can focus on

the presentation very closely and take

notes

okay so World Markets are directly

linked to one another and it's probably

a common understanding but a lot of

people don't realize exactly how they're

related what relationships exists what

correlations if the if you will exist

between certain Market asset classes

certain groups in certain sectors

uh there's closely related uh

correlations between some unexpected

markets where without having a global or

macro understanding of what they do as a

country in terms of exports you wouldn't

understand what the relationships would

be without having that information or

that study behind you

so understanding them as a collective

whole or how these markets relate with

one another will Aid in your analysis

and now since the January content is

predominantly focused on 100 long-term

analysis our Focus needs to be on the

relationships of these four groups

the four major groups of inter-market

analysis are as follows

to bond in interest rate markets

the commodity markets

the stock market

and the currencies Market

all four of these groups together are

closely related with one another now

they don't move lock step to one another

there's not a Five Points higher for

bonds therefore it's going to be five

points in another asset class or group

that's going to move in relationship to

that movement it doesn't work like that

since we're looking at long-term macro

perspectives and Analysis Concepts

there's going to be a certain measure of

lead and lag time for some of these

Market relationships and for some of you

that's going to turn you off right away

because you're used to knowing this is

what it's supposed to do and therefore

I'm going to expect it right now and

when you're being a long-term

Trader or using long-term analysis

there's going to be a certain measure of

lead time and lag time before you

actually see the marketplace reflect

what would be expected in terms of the

analysis Concepts

but the benefit of this is and this is

what I have gravitated towards you can

use an economist Theory which is instead

of going through fundamental data

looking at things like CPI or employment

trends or all these fundamental data

points that are released throughout the

month every single month that's just too

much information for me to digest and I

don't ever claim to have the mental

capacity to understand it all in fact

I've said many times in all of my

teachings that I don't believe that

there is a realistic way of staying

abreast of all those types of things if

you're wading through all that data I

mean either you have to be a serious

data nut or

it to me it's over everyone's head you

just I just don't think it could be done

I'd love to meet someone that could do

it fundamentally improve beyond the

shadow of a doubt that they can use that

fundamental data to forecast future

prices okay that would be wonderful if I

could find that that would be something

I would probably add to my repertoire

but in my studies I've never been able

to really ascertain anyone to be able to

use that information and be able to

forecast with a great deal of

accuracy if you will

now even on a long term basis

because the markets are slow to come to

fruition these these Market moves take a

long time to develop and unfold in our

charts

it takes a great deal of patience and

while there's a lot of information to

Wade through if you go through it

fundamentally and using all those data

points and and data

to me if we just focus on these four

major groups it'll give us all the

insights that that data will ultimately

give give you a fundamentalist so what I

mean by that we're going to actually

break down some of the relationships as

we go through this mentorship

but in this teaching here I want to give

you kind of like an overview and some of

the things that I have picked up along

the way as a Trader that I like to focus

on when I'm looking at Market

relationships

all right so enter market analysis

overview now the four major groups for

the inter market analysis

the bond market and interest rate Market

bonds and stocks generally they move

together okay so if we're seeing a Bond

Market rally and it's the bond prices

not the yield okay so if we're looking

at the treasury bond market and the bond

prices are rallying higher in an uptrend

generally that's going to be helpful and

supportive of a bull market for stocks

conversely if you see the bomb the bond

market in a bear Market it's been

trending lower it's going to be very

hard for stocks to Rally in that

environment now it doesn't mean that it

can't rally okay it just means that that

underlying trend of the bond market

moving lower is going to have a effect

and weight on that stock market rally

and eventually you're going to have to

pay the piper and that stock market's

going to have to correct and get back in

alignment with the overall trend of the

bond market

Commodities are a market group that

moved opposite to the bond prices so if

we see bonds moving higher Commodities

will be moving lower in relationship to

that move and

our third Group stock market stocks move

together with bonds as we said you have

to constantly refer to the market

indices for stocks and the bond market

or if you're a stock Trader you can use

the information that's gleaned from the

bond market preferably if you're going

to be a stock market Trader you want to

be looking at the bond market as a

indicator that you have underlying

strength in the bond market so if bond

prices are going higher and your buyer

of stocks then you can go in with a

great deal of confidence that you have

the fundamentals behind you that lower

interest rates with the bond prices

rallying stocks like that if bonds are

trading lower

stocks don't like higher interest rates

and that's what's going to happen if you

see bond prices dropping that means the

interest rate yields are actually

increasing bonds do not like a high

interest rate environment

and currencies obviously are influenced

by Commodities so the effects of export

sales and production in relationship to

certain Commodities that's going to have

a direct impact on specific Commodities

and specific currencies

okay we're gonna look at their first

relationship here as the U.S dollar

versus commodities

okay we're going to look at this as a

inversely related relationship in other

words they move opposites to each other

that means if the dollar Index is moving

One Direction the commodity in as a

group as a whole Commodities will be

moving the opposite direction

so for example specifically US dollar

Index if it's trading higher Commodities

as a whole should be trending lower

and if the dollar Index is trending

lower or trading lower Commodities will

be doing the opposite and going higher

now when we're looking at Commodities

okay grains in agriculturals are very

export sensitive so if we have a

strong dollar that's going to diminish

the desire or demand for exports in the

form of grains and livestock

agricultural markets in other words

grains and meats

and if the US dollar Index shows

weakness that instills an increase or

demand for grain in agricultural exports

US dollar Index if it's going higher or

rallying this is also seen with stocks

and bonds moving up because it's

supportive of

the stock and bond market going higher

US dollar Index if it moves lower this

is seen with support with stocks and

bonds both trending lower as well

US dollar Index if it's moving higher

this is going to be seen with commodity

currencies moving lower

in dollar Index if it's moving down it's

going to see a commodity currency Rally

or movement higher

and the way you measure this is you

could look at the US dollar Index versus

the crb index which is commodity

research Bureau index you can get that

information on the internet at

crbtrader.com I'll give you some notes

in the PDF file

that would include more information on

all the things that you'll hear about in

this presentation

okay the next one is the bonds versus

commodities

and bonds and commodities have an

inverse relationship as well that means

they again move opposite to one another

now if the bond prices or the treasury

bond market okay moves up or trades

higher that generally is going to have a

impact on Commodities moving lower

and if bonds are trending or trading

lower that's going to allow Commodities

to Rally

now when we're looking at the

relationship between bonds or treasury

bonds 30 year treasury nodes

and the commodity Market what we're

really focusing on is inflationary

impact so if we're following along and

looking for signs of inflation it's

going to be noticed in the markets that

are Commodities Commodities are the

leading indication for inflationary

environments

so what's the lead in lag time in a

change or long-term basis for the bond

and commodity relationships because

we're dealing with a long-term macro

perspective on these two assets

it can sometimes take 6 to 12 months

before you see a change in trend on the

relationship between the bonds and the

commodities now that means that

Commodities may turn up and bonds may

eventually turn lower as a result later

on or bonds may turn up and commodities

may turn lower later on as a result of

that it doesn't happen lock step for

step it doesn't give you that immediate

feedback because it's long-term macro

fundamentals are behind these big moves

especially when we're dealing with these

two asset classes in the relationship

basis so it takes a long time sometimes

for the effects of interest rate changes

or supply and demand factors that are

really weighed in the consumption or

production of Commodities as a whole

now treasury bonds or t-bonds versus the

crb index is what you'll be using to

measure the relationship between the two

but the crb index let me add this to

your notes it's very heavily weighted

with the Agricultural and grain markets

so when we look at crb index it's very

very heavy on

soybean prices wheat prices corn prices

cattle prices hog prices okay so you

have to keep that in mind when you're

looking at crb index

foreign

you want to use the Goldman Sachs

commodity index when you're looking for

the energy focused side of the

marketplace in other words it's heavily

weighted on energy

and you want to weigh that against the

bond market

and the Goldman Sachs industrial metal

index and this is

um for focus on global Trends and

it's not meant for metals like silver

Palladium platinum gold okay these

metals are like zinc tin copper aluminum

they're Industrial Metals so they're

heavily sensitive to Global Trends and

big

sensitive tendencies in the marketplace

around the world where if there's a big

demand for Industrial Metals

then you'll see it in this index if

there's not there's also going to be

evidence of that in this index as well

and in summary bond yields when they're

going higher that would be seen with the

bond market going lower or the bond

price is going lower that means bond

yields are increasing and that's going

to push Commodities up

and my bond yields are going down that

means the treasury bond market prices

are going higher that's going to push

Commodities down

okay we're going to look at the bonds

versus the stock market now

this has a positive correlation that

means they move in the same direction

and obviously that means when the bond

market is trending higher or trading

higher that's going to provide strength

for stocks and support for it

name of the bond markets trending or

moving lower this will have an effect

that's bearish on stocks

and the bond market or the treasury bond

or 30-year Benchmark acts as a leading

indicator for stock Direction

the lead in lag time in changes for

long-term trends again can be 6 to 12

months in duration that means what you

see going on in the long-term trends of

the bond market may take a little bit of

time up to yes I say a year before you

see these long-term trends start to

manifest themselves in the stock market

now there's one caveat with this okay

when there's deflationary periods that

means when prices are decreasing and

this is a rarity it doesn't happen a lot

we actually saw this in the latter part

of 1998 it was it was indicated in the

in the markets that there was

potentially that happening but when this

occurs the bonds perform very well

because you're actually seeing the

interest rate markets collapsing

but with bonds going up that's usually

seen in a in a deflationary period

you're usually seeing bonds going higher

the bond prices or treasury bonds price

going higher with stocks going lower and

commodities going down

like I said it's a rarity that ever

happens but usually you would not ever

really going to see a deflation appear

that I can imagine anytime soon

okay finally we're gonna look at some

key inter-market relationships

okay when you're bullish dollar Index

you're gonna be expecting bearishness on

gold

bullishness on gold you're gonna be

expecting Aussie New Zealand to be

bullish because of their nature as a

gold exporter

when oil is bullish you're gonna be

bearish on U.S CAD

uh because of the Canadian export

leadership and oil exports

Dow when it's up or bullish that's knee

K index is bullish as well

is it direct relationship to the Dow

Nikkei

and when Nikkei index is down uh that's

going to be bearish for the US dollar

versus Japanese Yen pair

and generally when yields are down or

bearish that's going to be bearish for

the currency

because money seeks yield

and when gold is bearish that's usually

bullish for US dollar versus CAD

and finally uh by having an

understanding of all these relationships

as a whole conceptually

they give you confirmation of long-term

analysis uh the relationships between

all of them if you're seeing a number of

these things in alignment with your

long-term analysis you're probably on to

the right path you know what you're

looking at the right direction in the

marketplace rarely will you see a wide

disparity with all these things not

aligning if you have a good sample size

of some of these things in alignment

generally your long-term analysis is

probably going to be

true to form it'll probably pan out in

the long-term Direction like you think

it will the problem is timing long-term

Trend trading or long-term analysis and

timing are just in my opinion some of

the hardest things to time because it's

hard to get traders to focus on allowing

a little bit more movement against their

underlying entry point what I mean by

that is because you're trading on higher

time frame charts it's

probably because of your your home life

your time constraints that keep you from

being able to trade with a lower time

frame entry so you're forced many times

to trade off of a daily chart and if

you're going to execute off of a daily

chart you're going to have to permit

yourself a great deal of movement

against you in terms of a stop loss

because your ranges are a lot larger and

you have to require a lot more time but

even with that said if you're going to

be using these points of information and

relationships with inter-market analysis

it's going to help you in any in all

facets of trading regardless of your day

trading scalping short-term trading

swing trading you know or position

trading and long-term scope it's

beneficial to know these things and it

helps build probabilities in your favor

and again nothing in here

equates to 100 a surety uh you know

there's absolutely no guarantee that

nothing out there can't change on drop

of a hat which you think you see in the

charts

could always be wrong because there's

always a human element that's always

involved here then the analyst is you

but I think if you were to spend some

time going over the relationships that's

gone through this presentation if you

spend that time look at it on a macro

level you'll see that there's a great

deal of value in knowing these

relationships and because they are

leading you to a long-term Trend

following directional bias using higher

time frame daily charts

it will give you confidence as a Trader

to know that you're trading with the

underlying fundamentals and you don't

really require all of that time and

energy and and diligence needed to go

through fundamental data the

relationships between these markets as

we outlined in this presentation will

take you to the same outcome that

fundamental data will give you so just

like the relationships here will

sometimes lag

that same lagging effect that happens in

the fundamental data I knew this much

about fundamental data just because the

fundamentals suggest something should be

bullish doesn't mean tomorrow it's going

to go straight up

okay there's going to be time that has

to be built in for that market to start

building in a bullish tenancy and then

it'll start to move higher but long-term

macro Trends okay you can see when

they're starting and shifting and moving

into place by using the information that

we shared in this presentation so again

study it believe me when I tell you the

information in this is worth its weight

in gold it's not something that is sexy

it's not a lot of charts where I can

show you Judas swings and patterns and

all this and that but it's real

information that has a direct

relationship to how the markets work as

a whole

how they tie together and it keeps you

out of having to look at fundamental

data and if there's anything else that

you know you can't associate with in

terms of value that's enough there's so

many things out there you would be

wasting my opinion your time you're

going through all that data and when you

could just simply see what price is

telling you because price in all these

asset classes together as a whole will

reflect what the fundamentals are

actually doing because trained

accredited staff at these big

institutions Banks producers

manufacturers and exporters they're

using that real fundamental data they

have people that are trained accredited

and they're able to use the information

to forecast Trends in sales and and

consumption all those types of things

and they make their business plans

around those those data points

I can't keep abreast of all that stuff

there's too many things that's going on

in my own personal life let alone

you know to keep up with all the

ever-changing things in the marketplace

so if I can look at the price of these

asset classes and the relationship

between the all of all four of them in

concert with one another I will just

like you will come to the conclusion of

what the geopolitical macro Trend and

there I say it fundamental perspective

is on the market as a macro perspective

Trader

until next time wish good luck and good

Trading