Following a sharp decline in Q4 2018, risk assets ended the year by putting in a bottom that ushered in a strong rally to begin 2019. Given the precarious nature of foreign markets, January's post made it clear why it is imperative that the 2018 lows remain intact. As long as that continues to be the case, it becomes much more likely that the Q4 slump was nothing more than a large correction in an ongoing secular bull market for US equites. On the other hand, should global credit spreads start to widen once more with global equities breaking their 2018 lows as investors seek the safety of the US dollar and long-term treasuries, it opens up the very real possibility that the current ongoing rebound is a temporary counter-trend move in a new prolonged bear market. To clarify these opposing possible outcomes, this month's entry seeks to review important intermarket relationships that have been present since the late 1990s/early 2000s in order to present a bull ...