我想展示的另一个资产类别是政府债券。你在那里看到的仍然是我所说的，与股票相反，因为这里你看到一个巨大的下降趋势。它几乎一直处于下降趋势，在2022年有一些小幅上涨，持续稍长，然后在2025年又有一个非常短暂的上涨。
自那以后，它一直低于100，这意味着这处于相对下降趋势，如果你目测，你可以看到它处于下降趋势。
The other asset class I want to show you is government bonds. And what you will see there is still what I said, just kind of the opposite of stocks because here you see a massive downtrend. It's pretty much all the time here in a downtrend with a few upticks here in 2022 a little longer and then there was a very short one again in 2025. And ever since it's been below 100 meaning that this is in a relative downtrend and if you eyeball it, you can see that it's in a downtrend.
在价格水平上有趣的情况是，我们处于一个支撑位。我可以再次争辩，这对GOVT来说也是同样的故事。如果你看价格图表，可能有一些论据可以说明现在处于支撑位，可能会开始回升，但还没有发生。
所以，只要这条相对趋势线继续走低，RRG线处于当前的位置组合，即RS比率远低于100，RS动量略高于100，但两者都开始小幅走低，我将保持债券部分，政府债券部分为中性，并带有负面前景。
Interesting in situation on a price level is that we're at a support level. I could argue again, this is the same story here for GOVT. If you look at the price chart, there is probably a few arguments to be made that this is now at support and it might start to move back up, but it's not happening yet. So as long as this relative trend line is really continuing to move lower with the RRG lines in a combination of positions as they are right now. So with the RS ratio well below 100 and the RS momentum just above 100 but both are starting to move a little lower, I'm going to keep the bond section, the government bond section as neutral with a negative outlook.
我真正认为的是，如果GOVT跌破这个支撑位，那很可能会对相对强弱产生负面影响，相对于VBI和X。所以我正在密切关注这个情况，如果GOVT明确跌破这个支撑，我认为这些相对强弱线，这些RRG线将会回落，我们将有一个非常合理的政府债券进一步表现不佳的理由，并且可能那将使股票回到领先象限，但我们必须等到它完成那个完整的旋转。
And what I really think is if GOVT breaks this support level, that will very likely have a negative impact on the relative strength as well versus VBI and X. So I'm really watching this situation here closely and if GOVT clearly breaks this support, I think that these relative strength lines, these RRG lines will roll over and we will have a very legitimate case of further underperformance for government bonds and potentially that will return stocks back into the leading quadrant, but we have to wait until it makes that complete rotation.