One of our members, Ray, sent this chart to me this morning, I think it is telling:

Baltic Freight, Crude Oil, and Iron Ore hammered….

SOURCE: WALL STREET EXAMINER

If equities finally succumb to this low-growth pressure, i.e. slow top-line flows to earnings...short AUD/JPY could run (next chart); we are effectively in this trade by being short AUD/USD and short USD/JPY….