The 2016 market can be described as a sequential bursting of pain trades: first it was the momentum trade; then it was the whipsawed action in Treasurys where record shorts were burned on the way up, and then longs screamed when central banks unleashed the latest coordinated attempt at reflation, then it was the FX whipsaws where central bank easing led to the opposite reaction in the underlying currencies (as noted earlier), then the sudden trapdoor under the USD which many had expected would continue rising, then it was the healthcare sector where hedge fund hotels got crushed in the late