My thoughts:
The most interesting thing that happened Friday night was the dislocation of the previously strong inverse correlation between the USD and the equity markets.
The squids got it right again. It is possible for the equity markets AND the USD to go up together. We have been living in a world of the USD carry trade for the past 18 months, and I think we are about to see a transference of the carry trade back to the more traditional JPY.
I am going to go long the USD/JPY at some point, looking for a further confirmation in Asian trade for this to eventuate. You might remember, before this carnage hit our markets 18 months ago, the USD/JPY was well above 120.00 and when it first dipped below 114.00 the world was in panic mode.
As for the markets, I got no idea.
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