From the chart I published here on October 14th (https://www.tradingview.com/v/gmom0rWu/
) highlighting the historical rhythm of the SPY
and how the markets were positioned to move from TLT
back to SPY
, the SPY
rallied 8% in the following 2 weeks while the TLT
fell 5% for a net performance gain of 13%. Since the end of October, that performance disappeared, and is now building again to a 4% spread.