For months now, the correlation between stocks and crude oil has been discussed ad nauseam.

Excluding the energy sector, the S&P 500 Index typically moves inversely to the price of “black gold.” When oil goes up, stocks go down, and vice versa.

However, an interesting scenario has unfolded over the last few months: Stocks have moved right alongside crude.

In fact, January saw the tightest correlation between the two (96%) in a decade.

This coupling is due to a number of speculative factors: fears of a global slowdown, fears of oil producer defaults – basically fear.

And oil isn’t the only commodity coupling with stocks, either. Indeed, there’s another, even juicier fear-driven correlation taking place…

The Long and Winding Yellow Brick Road

The commodity in question is none other than gold, which has enjoyed a colorful relationship with the S&P 500 over the years.

The S&P tracks gold inversely, just as it does with oil. Basically, when stocks tumble, investors run for safe havens: Treasuries, utility stocks, and gold.

But when stocks rally, gold falls. That’s because, on a total return basis, stocks outperform gold handsomely.

The S&P 500 gained 112% from its 2011 low to its 2015 high, including dividends. Conversely, as stocks have stormed up the chart, gold has been locked into a long-term downtrend – off 44% from its 2011 peak to its 52-week low.

Yet there have been plenty of opportunities to profit on the metal when stocks stumbled.

In 2008, the S&P 500 finished the year down 38%, while gold gained 1%. When stocks tumbled 14% in the summer of 2011 on eurozone worries, gold gained 11%.

And most recently, gold rose 5% last August while stocks fell 11% on China concerns.

Profit on Gold’s Momentum Shift

Let’s fast forward to 2016. The S&P 500 is down 8% year to date and gold is up a whopping 12%.

Now, you may recall that I profiled a mining stock poised to take advantage of gold’s long-term upside last week. But if we view gold from a technical perspective, the metal can be a reliable short-term momentum play for bulls and bears.