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S&P 500, 30-Year bond yield and the Iron & Steel index had a high degree of correlation from 2005 to 2010, rising and falling together. Since 2010, the 30-year yield and the Iron & Steel Index remain correlated, yet the S&P 500 has been moving in the opposite direction.
Has yields and Steel over shot to the downside (long yields & Steel) or has the 500 over shot to the upside (short 500 Index) ?
Is a giant game of "catch-up" needed here? Which one is NOT telling the truth? QE impacting this correlation in a major way?