Bond Yields, Crude, Copper all Fall to New Lows as Dow Plunges and Gold is Bid

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%).