DAX trades below 18,000

Well, things are not getting any better just now. The risk dynamic has deteriorated even more since the last update here and now that has delivered further losses here in Europe and in the US futures. The Dow Jones future has now traded to imply a possible opening below 38,300 and the CAC 40 is testing the 7,500 level. That means it has now completely unwound all its year to date gains. The DAX has traded below 18,000 for the first time since the end of April. Those moves have helped to further underpin Gold, as it rises close to 2,330. The outlook right now remains bleak and so much so that even the Nasdaq 100 futures are pricing a lower opening. The S+P 500 futures are also now edging below the 5,400 mark and the reader is reminded of gaps that remain in place lower down on both indexes. The closest of those would be at 5,375 on the S+P. There will be bounces of course, but from excactly what levels remains to be seen