3 charts we are watching: This could cause severe P/L pain

The Macro backdrop is getting extreme

The US 10-year is up, up & away - printing a new recent high. Add to the mix that some other major asset classes are close to 12-month extremes: Oil, JPY and CNH. All four assets have traded in close tandem lately. The macro backdrop is getting very complex. In our experience, this has potential to create severe P&L pain.