The everything rally continues

Stocks and commodities continue to rally around the world despite a worsening pandemic. If the past 2 years has shown anything, it's that traders and investors will continuously charge from one extreme to another, pushing the boundaries of what was traditionally considered "extreme".

The stock market rally coincided with VIX dipping below 20 on the intraday for the first time since the pandemic began:

When this happened in the past, VIX's forward returns over the next month were mostly inline with average:

But the S&P 500 consistently saw a short term pullback:

Agricultural commodities continue to surge, with the Bloomberg Agriculture Index's 14 week RSI at its highest level in years:

The last time this happened (during a commodities bear market) marked the exact top in agriculture. But before that (in a bull market), this wasn't a consistent bearish sign for agriculture:

Copper is surging along with other commodities while safe haven assets like gold and silver slump. The copper:gold ratio jumped...

When the copper:gold ratio jumped in the past, this was a minor bearish sign for U.S. equities in the months ahead:

While this wasn't consistently bullish or bearish for the copper:gold ratio itself: