This week:

• Global equities country breadth - clear underlying weakness (outside of the US markets)
• Policy uncertainty vs market volatility - the gap may soon close as global policy winds change
• Trends in global equity volatility - looks like we've seen a cycle bottom in implied volatility
• A risk warning in the German DAX - potential head and shoulders top adds to the risk radar
• Bearish positioning in gold - call it a contrarian signal or capitulation selling, something is going on here