One Last Rally For Defensive Assets

The September/October Equity rally is nearing exhaustion. We would now expect several weeks of retracement on risk assets into late October/early November. During this period, defensive assets (Gold, Treasuries, Yen, Euro) should make one last attempt up towards their September highs. If it materializes, we would consider this Defensive rally a last opportunity to exit these trades, before Defensive assets start to correct down into Q1 2018...