The losses in October are well-known. Now the question is whether these down moves will continue across styles, sectors, country indices, and bonds. The answer with few exceptions is the same. Market trends are pointed down and volatility is higher. For equity styles, short, medium and long-term trends are all pointing down. For market sectors, the only positive trend is with consumer stables, utilities, and real estate; the more defensive sectors. For country equity indices, the only strong positive standout was Brazil in reaction to their presidential election.  For bonds, short-term Treasuries offer some protection, but the longer-term trends are all down.

In this world, cash is now something special.