Benchmarking to last Summer's lull in activity, we find only one major 'risk' oriented asset class still in positive territory: equities. The S&P 500
is my preferred stand in for the role; but you can see it stands alone. Carry trade, high-yield bonds, emerging markets, frontier markets and commodities
are all tumbling between 6 and 32 percent declines. Can the S&P 500
remain above it all? Unlikely. My preference when the floor gives will be short Yen crosses.