This is one of the worst markets I can remember: There is nowhere to hide.
Stocks are utterly puking with the Nasdaq Composite down 2.5% after poor earnings from Google and some others. Oil is rallying, presumably because the market is worried about Iran again after a WSJ leak.
You would think there would be some flight to the safety of bonds, especially with near-5% available right across the curve but that’s not the case. Instead, US 10-year yields are up 11 bps today and trading at the highs.
US 10s daily
So where can you hide? Gold is doing ok but in times of severe market stress, it tends to get liquidated. Megacap tech has (somehow) been a safe haven in the past but it’s not working that way now.
What’s left?