It's suddenly turned into a bit of a horror show, hasn't it? It seems as if the combined weight of Greek contagion, Chinese tightening, political risk, and so/so economic data has finally managed to break the camel's back, and Macro Man's Bloomberg screens are a sea of red this morning. Still, the market environment is quite tame by the standards of the past couple of years, so it's hard to envisage anyone outside of last summer's graduate trainee intake (if there was one) panicking too badly.

Indeed, there is still quite a bit of differentiation out there amongst popular trades and 2009's stellar performers. The "horror show" analogy can be extended, as it struck Macro Man this morning that we can probably classify trades along the lines of the US film rating rubric. Consider:

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