S&P did finally break 1200 and USDJPY is below 105

Finally the chickens are coming home to roost...

But still not as bad as one might have thought. The end of the week would be the test for Bernanke, Paulson and co. If the markets go through with limited panic (by limited, I mean S&P doesn't fall below 1100 and USDJPY doesn't fall below 100 for more than a day)

Let's see what happens