The trend is your friend, so they say...as long as you are on the right side of it. That saying is particularly relevant to the trend in bond yields (30-year down 7bps) as today we get new all-time lows in the US long bond despite the large net short positioning of speculators. In the commodities space both crude (down 1%) and copper (down 2.3%) are taking a beating and making new cycle lows while the Dow Jones Industrial Average is currently down over 2%. Gold, however, remains bid (up 1.5%).