S&P 500’s Record Ratio to T-Bond ETF Seen as Caution Sign

U.S. stocks and bonds are sending the same warning signal that they did before share prices peaked nine years ago, according to Chris Kimble, chief executive of Kimble Charting Solutions. Kimble cited a ratio between the S&P 500 Index’s value and the price of an iShares exchange-traded fund for Treasury bonds in a blog posting Saturday. Last week, the ratio beat a record set in July 2007. “Not widely followed, but worth keeping an eye on,” Art Cashin, director of floor operations for UBS Financial Services Inc., wrote Monday.