Risk off?

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I’m on the road at present 35km out of Armidale so this will be brief. But it is worth noting that risk is going off in Asia today.

The catalysts are many as are the drivers and while I am always wary of Asian Monday selloffs we may just have reached the markets tipping point as I suggested in this mornings post.

As I write my Bloomberg on my Blackberry tells me that markets are trying to hang in with the AUD at 1.0423, ASX200 down 1% to 4462, 3 year swaps at 4.93% but Dow futures only of 0.2%.

So this market in our timezone is only pointing to catastrophe not reflecting it.

The key point I just want to highlight once again is that markets are tenuously placed at present and whatever happens tonight to reinforce or reject Asian moves today prices for risk assets look poised to go lower while safety and security is bid higher.

This is not over yet.

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