The first chart below is of Markets Vectors Gold Miners ETF
Gold miners have recently broken out of their yearly relative downtrend, as the dollar has shown considerable weakness versus the euro and yen.
A turn up in both physical gold and gold-mining stocks is bearish for the dollar and may indicate a turn higher in long-dated Treasuries, which are now at their yearly lows.
The next chart is of iShares MSCI Emerging Market ETF
Emerging-market equities had seen a vast selloff as inflation expectations diminished, the U.S. dollar strengthened, and the Treasury yield curve steepened.
Now, however, a weaker dollar and flattening U.S. yield curve could drive funds back to foreign assets. Commodities have reversed direction off of their yearly lows, and Chinese central bank flexibility is prompting investors to be more positive about emerging-market equities.
It appears that emerging-market equities have hit a bottom, and if the U.S. economy remains relatively weak, then emerging markets should bounce off yearly lows.
The last chart is of United States Oil Price
The pair is consolidating, but looks to be overbought. A selloff in oil could be a catalyst for selling U.S. equities. That could further push investors into gold assets and Treasuries, as well as into assets abroad.
Much of the price action lies with the direction of the dollar and overall outlook for the U.S. economy. Don't expect oil to break lower just yet.
At the time of publication the author had no position in any of the stocks mentioned.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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