BAD BAD Day ahead

Today is going to be a BAD day in the financial markets…. Bail out rejected and a massive securities fraud by ex NASDAQ Chairman up to 50 Billion dollars it seems…..


Note on Market Movements

• USDJPY is close to breaking 90. USDBRL has climbed to 2.39 as opposed to 1.6 levels in September 08! ( Meaning Brazilian Real has fallen…)
• NZDJPY – the most popular carry trade has fallen from 90 this Jan to below 50… I wonder how it will do today..
• S&P futures are showing a 4% fall today… VIX is at 55.98 and I think it will go above 60 again. Expect Bond prices to rise like crazy again. Wonder where we go from 0% yields on T Bills….
• I couldn't get short financials in time... BLAH but it is a good trade if you are short!