Loud and Clear.

The folks at Bespoke have another great table out (here), looking at ETFs that are the farthest away from their 50-day Moving averages. The ones above are largely Bond, Gold and precious metals funds with a sprinking of US utilities, healthcare and tech stocks (read Apple). The ones below are virtually every overseas market ETF.  This is telling you quite clearly that the entire planet is mired in slowdown fears, that the safety trade has been on for a while. You can figure out where the risk in equities clearly lies, when you link it to my previous post on denial!