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There's generally an inverse relationship between the U.S. stock market and the U.S. dollar, in part, because of relative prices in international trade, which affect both domestic and foreign production and consumption. The dollar has shown signs of stabilizing, after a steep depreciation, e.g. the bullish inverse head & shoulders pattern over the past two years. I expect the dollar to continue trading in a range, for a while, rather than break out of the pattern.

Consequently, the stock market may generally be flat this year. However, short-term, the dollar may appreciate, which is typically negative for the stock market. Gold prices and stocks should follow the stock market lower, particularly if further money tightening is priced-into the market. It seems a large inflation premium is built-into the price of gold, since inflation expectations have increased (i.e. shown in the difference between variable and fixed interest rates).

Perhaps, AU NEM and GG puts are buys, at this point, since those stocks and gold are severely short-term or intermediate-term overbought (see AU weekly chart below), and may lag the stock market lower. However, it's risky, because it's uncertain if gold, which closed at 572 today, after hitting a high at 575 this week, has reached a top yet.