Wretched day for the optimists
In a rout, all correlations go to one. So stocks, yen crosses, oil, bonds are all moving in synch. And they're back to signaling trouble in the global economy.
At this point it's a sentiment-driven market. It's about levels and riding whatever waves are rolling in.
At the moment, stock and oil bulls are heading for the exits.
If this is as bad as it looks today, gold can run much higher.
