Another Red Flag for Oil

The yield curve is inverting again. Now, not every cycle is the same. What works in one need not work in another. Commodities made a major top around 2011 and oil started plunging along with the 10s2s ratio shown below. This time there is a large divergence.

Also worth noting: the last time the 10s2s ratio collapsed it was coincident with a U.S. bull market.