Everything is risk off except for US stocks.
Here’s treasuries:
The Yen is stupid strong. Chart of USD/JPY. Remember yen is the denominator so down -> up
And crude oil just finished a 7 point selloff without any kind of proper fear in oil stocks.
Oh yeah, and high yield debt, while it did bounce, is nowhere close to 52 week highs:
That whole credit risk narrative that was around at the beginning of the year?
You know, the whole “oil companies can’t pay their debt” and something about emerging markets.
That’s still around.
My bet is still on volatility contraction into earnings season, but if these risk-off plays continue to stretch they will take stocks with them.