So, you have to pay a lot of attention to overbought and oversold oscillators, and these could be very long-term ones that run from one to three to five months, so that you are buying at the bottom of a relative strength cycle instead of buying at the top.

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Therefore, sellers of the portfolio protection that typically hedge will sell more SPX futures in the first week of a five-week expiration cycle relative to the first week of a four-week expiration cycle.

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So, we have an economy that's expanding, we have earnings that are expanding, we have things that are perfectly obvious like, in the nonbank world, the strongest balance sheets relative to an economic cycle that we've ever seen.

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QE3 is quite different from QE1 and QE2, however, and QE3 is happening at a different time relative to the global economic growth cycle.

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My work suggests margins are above trend relative to normalized profits for where we are in the economic cycle.

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Mr Schmieding thinks that Germany's high costs relative to what it produces help to explain why unemployment has risen from cycle to cycle since the 1960s.

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Credit relative to GDP, then, does not grow in a straight line, thanks to the economic cycle.

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And relative rankings may remind lenders that they must worry about systemic risks, encouraging more responsible lending practices in the next cycle.

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