Below are a few dog assets on our risk indicator that trade at rather extreme levels. All have been going one way only, some sit at huge levels and they are all trading very far from their 200-day averages.

We don’t like contrarian trades since they are usually entered too early and hurt, but maybe t could be worth starting thinking about a first early contrarian trade.

Gold has been going one way only lately and is approaching massive levels.

The offshore yuan has been parabolic since early summer. 6.90 ish is a huge level and 200-day average so far away.

Shanghai is trading at multi-year lows and approaching very big levels. Needless to say, the 200-day average is far up.

The Turkish Lira is probably the asset having seen the most extreme price action this year.

The Turkish Equity ETF (TUR US) is down to multi-year lows and is starting to approach the lower part of the trend channel that has been in place for years.

Source: charts by Bloomberg