Below is from TSI Blog”

http://tsi-blog.com/2017/12/the-yield-curve-and-the-boom-bust-cycle/

Below are two charts where HUI is in bear market despite general market up. The ratio of 30yr to 5 yr or 10yr to 2 yr has been going down since 2012.

This explains the dislocation of PM Sector with general market. Perhaps????

Daily TYX to FVX 30yr to 5yr vs HUI: