by Chris Becker
What a week that was! And for long term readers, another confirmation of my almost infallible volatility indicator, whereby if I’m on holiday or any other type of planned or unplanned break, the markets go nuts! Struck down with some serious flu last week I missed the near perfect collision of another Greek crisis, a commodity price collapse spurred by the realisation that China is ending its growth model amid devaluing its currency and unable to re-inflated its stock market bubble and of course the wiping out of interest rate hawks in the US.
This has led to a huge sell-off across risk markets, with all nominal gains for the calendar year evaporating with only gold bugs celebrating a return to favour on risk aversion, although that could be short lived too.