If the Dollar broke lower, its likely too that
bonds and duration would rally; defensives (staples, utes, reits) and growth (tech / biotech / discret) squeeze against crowded value unwinding (fins, energy, indus); yen and euro would squeeze mightily; gold squeezes while copper pukes in a favorite commodities «
pair» unwind; HY could reverse weaker vs IG (
currently everybody long CCC vs BB on the high beta trade)... this would be the theoretical path to our next pain - trade or even VaR shock.