In the last three minutes of the Kyle Bass interview , conducted just prior to the Oct 2014 termimation of QE3 , he throws out what would have been a hugely successful trade; the end of the USD carry trade and the continuance of the Yen carry trade. Liquidity concerns , and, vol of vol concerns seem very relevant today as well. That was a fine learning experience to listen to how these guys think. Thanks for posting it.
eventually lower commodities will drag down paper assets look at intermarket analysis from John Murphy dated but useful
http://finviz.com/futures_performance.ashx?v=16 vol up crude down easy trade in hindsight is mav long ovx?
brief recap of his ideas your mileage may vary... http://stockcharts.com/school/doku.php?id=chart_school:overview:intermarket_analysis