These are just a few tools for looking at Risk and Liquidity Flows.
The Charts below give an indication of where the market is in relation to Risk Aversion and Liquidity:
Chart 1 $Gold:DBC
This plots phys gold against commodities and de-trends it from inflation, re-flation. It tells us that gold is being separated from the Commod trade and is being seen as a currency hedge in this case, a hedge against fiat.
Look at the long base action and spike up in $gold. That is a very perfect chart!
Chart 2 JNK:LQD
This chart plots Junk to high grade corporate bonds....Risk Aversion is obvious
Chart 3 IWM:SPY
This chart looks at risk aversion from the point of view of small caps and large caps. Risk and this chart spikes as risk is taken out of the market.
Chart 4 EEM:SPY
And finally, this chart shows the ebb and flow or risk as per Emerging Markets and SPY ( the supposed safer and less smelly dirty shirt!)
This looks at the trend to hedge in or out of USD, basically.
Here are two posts that provide a look at the gold market through the eyes on an Options trader. He also gives us a very handy indicator to use for overbought/oversold conditions: