Last night’s rallies in Spoo & Nasd failed @ their respective 50 DMA’s.
The board is a repeat of 10/2018 with one glaring difference;
In 2018 the risk spreads took a week to break down, yesterday they led with ORL days.
Ultra T-Bond put in an ORH yesterday and is seeing the bulk of the inflows.
EUR/AUD was the key tell in currency land holding its 200 DMA on the low with an ORH day with follow through.
EUR/AUD up is a risk off indicator.
Investors worldwide are shunning their own Bond markets for ours.
Keep an eye on this dynamic. It will speak to the veracity of a Gold rally.