These are the two most crowded trades on the planet, this side of 3x leveraged oil: JPY Carry trade (red) versus Dumb Beta.
The carry trade is unwinding. While the risk trade is going ALL IN on dumb beta, amid collapsing payrolls. What else?
Currency is the trigger
3x leveraged oil is the accelerant...
Volatility is coiled to explode:
UVXY (2x leveraged volatility) SHORT volume
And global poverty/deflation is the fuse driving yields ever lower...
ZH: June 6, 2016
Developed World Bond Yields Plunge To Record Lows
