{"id":204872,"date":"2024-04-12T08:37:43","date_gmt":"2024-04-12T12:37:43","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=204872"},"modified":"2024-05-29T14:18:40","modified_gmt":"2024-05-29T18:18:40","slug":"chart-advisor-somethings-gotta-give","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/","title":{"rendered":"Chart Advisor: Something&#8217;s Gotta Give"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">By<a href=\"https:\/\/links.investopedia.com\/u\/click?_t=36ba8fa8372241d58b3bfc06997a4332&amp;_m=61621e6a3a9c42a693014ad08c55c4ec&amp;_e=UJM_TCw0rS3gLlLAxOf_ZRLLBzK02osSjlGRNKhpnWFX4JC3bHEUyRPLGAputvEboYK86FIp9fdkEd0UcpXa-n8nPRySW_PMIFT8FdOnHJBPlIzSpunMEMmUu2Fpe311btIVlGtztEVHTJb8CX4_QQXtZ4RztrlcOGPf96RfqZxcZTBn3WcnO59PTlbgVridBJT00w-ZhoTbglcR3aox1lJWCcQfVYH2solb4IAUD7WLzysYRi-p6gI4t-a-yPnZiS2abyP__wxzv_6CUy1B9iRNrxDnSE-YIDZMl7u-8Kgamc5V1zmxSF5I9HrPVlPt9kyLuQz0pZjjHOOibXGY0mWFJ6jkzANhZm1hkrLpvCsYV7rQvF2DX1xhRDGTkcBpWIB4-CYg7pe9WuCm4JVdRX2u_6tQBeQTSGqCJLtwy5tjyMOXnZu1vT2BOKC0M-rte2Bu1PgtgJwGiKkpOrchkHVddTqhoxM8p7o_Mrxet2g%3D\" target=\"_blank\" rel=\"noreferrer noopener\">\u00a0Gordon Scott, CMT<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1\/ Puts Over Dividends<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2\/ VIX Signaling Worry<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3\/ Losing the Appetite<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Investopedia is partnering with CMT Association on this newsletter. \u00a0The contents of this newsletter are for informational and educational purposes only, however, and do not constitute investing advice. The guest authors, which may sell research to investors, and may trade or hold positions in securities mentioned herein do not represent the views of CMT Association or Investopedia. Please consult a financial advisor for investment recommendations and services.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1\">1\/<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Puts Over Dividends<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sometimes markets move in ways that are the opposite of normal operating procedure. At such times, when something seems abnormal, it usually spells opportunity because something, somewhere, has to break, and one of the two diverging lines on a chart must soon snap back into place. Today\u2019s newsletter features three such examples.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the first example, you ask yourself, \u201cWhat kind of a crazy investment world do you have to live in to see a day where you can make significantly more money selling puts than collecting dividends?\u201d The answer, apparently, is the one we live in now, with interest rates on bonds that outstrip the dividend yield of most stocks on a regular basis.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The chart below compares the Cboe Put Write Index (PUT) with iShares\u2019 Select Dividend ETF (DVY). The former is an index built from a hypothetical portfolio of short-term T-bills and one-month-expiry, at-the-money put options sold on SPX. The latter is an ETF made up of solid dividend paying stocks like Altria (MO), Verizon (VZ) and Pfizer (PFE).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"480\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-1100x480.png\" alt=\"\" class=\"wp-image-204873 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-1100x480.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-700x305.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-300x131.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-768x335.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-1536x670.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1.png 1815w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/480;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">You can see from this chart that these two benchmarks have been close companions, holding better than a 90 percent correlation over the past decade, right up until last year. Except for the highly uncertain times immediately following the Covid pandemic, these two financial instruments have not strayed far from each other.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The wide divergence that has grown over the last twelve months likely has to do with higher interest rates, and the decreased demand investors are showing for dividend stocks. However, it presents a curious case study for answering a single question: how long can this divergence remain before stocks start paying higher dividends, or option traders start demanding to pay lower premiums?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2\">2\/<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>VIX Signaling Worry<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When shrewd investors and traders see divergences like the one between put-option prices and dividend stocks, it makes them wonder when the divergence might reverse itself, because that would signal a great opportunity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Like the divergence between the SPDR S&amp;P 500 ETF (SPY) and Volatility Shares\u2019 -1x Short VIX Futures ETF (SVIX). These securities should mimic each other, because SVIX is an inverted version of the Cboe Volatility Index (VIX). Since the VIX and SPY are often inversely correlated, SVIX should have a positive correlation to each other. In fact they do, at least most of the time. And when they don\u2019t, you should pay attention (see chart below)<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"481\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-2-1100x481.png\" alt=\"\" class=\"wp-image-204874 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-2-1100x481.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-2-700x306.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-2-300x131.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-2-768x336.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-2-1536x671.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-2.png 1814w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/481;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3\">3\/<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Losing the Appetite<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Usually the Russell 2000 moves in, roughly, the same direction as the S&amp;P 500 and the Nasdaq 100. Usually the SPDR Utility Index ETF (XLU) does not outperform them. Usually investors tend to be okay with taking on a reasonable amount of risk. That\u2019s how things usually go\u2013until all of a sudden, they don\u2019t go that way anymore.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The chart below compares iShares\u2019 Russell 2000 Index ETF (IWM) with SPY and with XLU. The appearance of this comparison should be enough to make any investor take a pause and consider what is going to give on this chart.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"480\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-4-1100x480.png\" alt=\"\" class=\"wp-image-204875 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-4-1100x480.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-4-700x305.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-4-300x131.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-4-768x335.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-4-1536x670.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-4.png 1815w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/480;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">If IWM is a good proxy for the \u201cRisk On\u201d trade, and XLU is a good proxy for the \u201cRisk Off\u201d trade, then why is SPY still rising at a time when XLU is rising and IWM is falling?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All three of these charts suggest that investors might be ready to stop paying top dollar for high-growth opportunities. The savvy trader or investor will want to keep a close watch on these trends.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally posted 12th April, 2024<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sometimes markets move in ways that are the opposite of normal operating procedure. At such times, when something seems abnormal, it usually spells opportunity because something, somewhere, has to break, and one of the two diverging lines on a chart must soon snap back into place. Today\u2019s newsletter features three such examples.<\/p>\n","protected":false},"author":186,"featured_media":204876,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14,15,18,6,19,8,9,22,23,26,3],"tags":[7459,208,778,4860,207,317,1050,1323],"contributors-categories":[13686],"class_list":["post-204872","post","type-post","status-publish","format-standard","has-post-thumbnail","category-etfs","category-fixed-income","category-macro","category-north-america","category-options","category-region","category-securities","category-stocks","category-technical-analysis","category-text-articles","category-traders-insight","tag-dvy","tag-iwm","tag-nasdaq","tag-pfe","tag-spx","tag-vix","tag-vz","tag-xlu","contributors-categories-investopedia"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chart Advisor: Something&#8217;s Gotta Give<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/204872\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart Advisor: Something&#039;s Gotta Give | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Sometimes markets move in ways that are the opposite of normal operating procedure. At such times, when something seems abnormal, it usually spells opportunity because something, somewhere, has to break, and one of the two diverging lines on a chart must soon snap back into place. Today\u2019s newsletter features three such examples.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-12T12:37:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-29T18:18:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1815\" \/>\n\t<meta property=\"og:image:height\" content=\"792\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Contributor Author\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Contributor Author\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chart-advisor-somethings-gotta-give\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chart-advisor-somethings-gotta-give\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Contributor Author\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/e823e46b42ca381080387e794318a485\"\n\t            },\n\t            \"headline\": \"Chart Advisor: Something&#8217;s Gotta Give\",\n\t            \"datePublished\": \"2024-04-12T12:37:43+00:00\",\n\t            \"dateModified\": \"2024-05-29T18:18:40+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chart-advisor-somethings-gotta-give\\\/\"\n\t            },\n\t            \"wordCount\": 673,\n\t            \"commentCount\": 2,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chart-advisor-somethings-gotta-give\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/04\\\/12.04-1-1.png\",\n\t            \"keywords\": [\n\t                \"DVY\",\n\t                \"IWM\",\n\t                \"Nasdaq\",\n\t                \"PFE\",\n\t                \"SPX\",\n\t                \"VIX\",\n\t                \"VZ\",\n\t                \"XLU\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"ETFs\",\n\t                \"Fixed Income\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Options\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Stocks\",\n\t                \"Technical Analysis\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chart-advisor-somethings-gotta-give\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chart-advisor-somethings-gotta-give\\\/\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chart-advisor-somethings-gotta-give\\\/\",\n\t            \"name\": \"Chart Advisor: Something's Gotta Give | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chart-advisor-somethings-gotta-give\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chart-advisor-somethings-gotta-give\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/04\\\/12.04-1-1.png\",\n\t            \"datePublished\": \"2024-04-12T12:37:43+00:00\",\n\t            \"dateModified\": \"2024-05-29T18:18:40+00:00\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chart-advisor-somethings-gotta-give\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chart-advisor-somethings-gotta-give\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/04\\\/12.04-1-1.png\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/04\\\/12.04-1-1.png\",\n\t            \"width\": 1815,\n\t            \"height\": 792,\n\t            \"caption\": \"PUT v DVY correlation\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/e823e46b42ca381080387e794318a485\",\n\t            \"name\": \"Contributor Author\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/contributor-author\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Chart Advisor: Something&#8217;s Gotta Give","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/204872\/","og_locale":"en_US","og_type":"article","og_title":"Chart Advisor: Something's Gotta Give | IBKR Campus US","og_description":"Sometimes markets move in ways that are the opposite of normal operating procedure. At such times, when something seems abnormal, it usually spells opportunity because something, somewhere, has to break, and one of the two diverging lines on a chart must soon snap back into place. Today\u2019s newsletter features three such examples.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/","og_site_name":"IBKR Campus US","article_published_time":"2024-04-12T12:37:43+00:00","article_modified_time":"2024-05-29T18:18:40+00:00","og_image":[{"width":1815,"height":792,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-1.png","type":"image\/png"}],"author":"Contributor Author","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Contributor Author","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/#article","isPartOf":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/"},"author":{"name":"Contributor Author","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/e823e46b42ca381080387e794318a485"},"headline":"Chart Advisor: Something&#8217;s Gotta Give","datePublished":"2024-04-12T12:37:43+00:00","dateModified":"2024-05-29T18:18:40+00:00","mainEntityOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/"},"wordCount":673,"commentCount":2,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-1.png","keywords":["DVY","IWM","Nasdaq","PFE","SPX","VIX","VZ","XLU"],"articleSection":["ETFs","Fixed Income","Macro","North America","Options","Region","Securities","Stocks","Technical Analysis","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/","url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/","name":"Chart Advisor: Something's Gotta Give | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/#primaryimage"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-1.png","datePublished":"2024-04-12T12:37:43+00:00","dateModified":"2024-05-29T18:18:40+00:00","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-somethings-gotta-give\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-1.png","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-1.png","width":1815,"height":792,"caption":"PUT v DVY correlation"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/e823e46b42ca381080387e794318a485","name":"Contributor Author","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/contributor-author\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/12.04-1-1.png","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/204872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=204872"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/204872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/204876"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=204872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=204872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=204872"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=204872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}