AUD is taking some hits this morning:
Bonds are calm:
XJO gapped lower 2.5%. It will get more interesting technically if break into the 5800’s:
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Big Iron is hit:
Big Gas more:
Big Gold is up:
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Big Banks are still trending lower:
But the real action is in the credit regulatory arbitrage sector with huge moves now daily:
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Nobody knows if this is the bust. We can only say that conditions are perfect for it.