There are various degrees of risk-off, and markets have just entered one of the worst kinds. An example of a less severe form of risk off would be when equities tumble due to a slew of weak earnings, and currencies or bonds take little to no notice. A sure sign of a classic ‘risk-off’ environment would be when equities, commodities and bond yields fall yet bond prices (which move inversely to yields) and gold rise as they’re considered to be ‘safe-haven’ assets. But that’s not what we’re currently seeing. {table} There’s multiple signs that investors are de-risking: {chart} The S&P 500 has entered a technical bear ... (full story)