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Market In Freefall As USDJPY Takes Out Stops, S&P Now Negative For The Year

Submitted by Tyler Durden on 03/16/2011 14:16 -0400

Just a few more pips in the USDJPY and we are in uncharted territory. Below 79.75 in the USDJPY there is little support, except for the BOJ. Flash crashes in assorted index tracking futures are being witnessed everywhere, with an emphasis on Europe. In the meantime, following the rush to safety (in the Yen), the market is plunging to day lows, and the S&P has just turned negative for the year.

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Wed, 03/16/2011 - 14:50 | 1062218 dark pools of soros

rocket fuel being used to jump start the bids...

Wed, 03/16/2011 - 14:46 | 1062209 mberry8870

Any takers that it is flat on the day?

Wed, 03/16/2011 - 14:47 | 1062211 Overpowered By Funk

Erin Burnett in full panic mode - just keeps telling viewers that 'we're off the days lows' every minute again and again. Gonna get her some red slippers and tell her to chill - she's starting to make me nervous.

Wed, 03/16/2011 - 14:51 | 1062227 FranSix

I was wondering how CNBC would handle another financial crisis.

Wed, 03/16/2011 - 14:51 | 1062233 bob_dabolina

6 nuclear reactors are in meltdown.

If there ever was a time...

I recommend you panic.

Not trying to make things worse but you have to really look at this situation and think to yourself...

Wed, 03/16/2011 - 14:52 | 1062239 Clapham Junction

They are just reading what Jack Welch wants them to. ;)

Wed, 03/16/2011 - 14:48 | 1062215 overbet

half way back to unchged, atleast volatility is back

Wed, 03/16/2011 - 14:49 | 1062225 rubearish10

I thought I overheard Fox News just say that they've found a large extension cord for the FUK-U-SHIMA and they think they could fix the problem. Was I Imagining this?

Wed, 03/16/2011 - 15:00 | 1062285 ziggy59

no, you heard correctly...why did it take days to figure this possible solution out and being one of the last choices??

http://www.breitbart.com/article.php?id=D9M0GBD01&show_article=1

Wed, 03/16/2011 - 15:05 | 1062322 rubearish10

everything is beginning to feel extremely orchestrated. S&P down for the year, New USD/JYP lows etc....Timing is too acute.

Wed, 03/16/2011 - 15:16 | 1062410 Randall Cabot

"I thought I overheard Fox News just say that they've found a large extension cord for the FUK-U-SHIMA and they think they could fix the problem. Was I Imagining this?"

I don't know, I thought I just heard them say McGyver was being flown in.

Wed, 03/16/2011 - 14:51 | 1062226 Shell Game

Invisible hand, F.O.A.D...

Wed, 03/16/2011 - 14:50 | 1062230 cougar_w

Watching the PPT do their magic. Wonder if they'll run out of pixie dust.

But they are working both ends of every deal, so one supposes they can just do as they like.

Ben will set prices tomorrow, to hell with all this trading-wtih-ourselves bullshit.

Wed, 03/16/2011 - 14:52 | 1062250 Clapham Junction

Was thinking the same thing. Now if those guys could just lower my insurance costs, maybe I'd go along with 'em.

Wed, 03/16/2011 - 14:56 | 1062273 Misean

You been payin' attention? This ain't about LOWERING prices.

Wed, 03/16/2011 - 16:11 | 1062775 Clapham Junction

Yeah, I know, just sayin'...

Wed, 03/16/2011 - 15:25 | 1062456 Overpowered By Funk

3:30pm PPT on the way. Why do they call it a market anymore? It's so quaint and old fashioned.

Wed, 03/16/2011 - 14:52 | 1062243 Cdad

Sound the implode-0-meter and buy VXX. The POMO bounce is already out of gas...with more than an hour to go. The Ministry of Truth is parroting a Japanese government story...that all is well.

S&P is now technically broken.

Wed, 03/16/2011 - 15:37 | 1062531 mberry8870

Technically?

Wed, 03/16/2011 - 14:55 | 1062255 nobusiness

Who has the money and no fear of loss to step in the market today and buy hundreds of millions of dollars worth of stocks when you have no idea if the 4 reactors in Japan could have exploded?

Only the sackman.

Wed, 03/16/2011 - 14:55 | 1062258 Clapham Junction

Pisani! Where the hell is Pisani???!!!

Wed, 03/16/2011 - 14:57 | 1062276 6 String

Is the russell 2000 green yet?

Wed, 03/16/2011 - 14:58 | 1062280 max2205

Just saw Hank Paulson run into Bonehead's offfice asking for another bazzuka

Wed, 03/16/2011 - 15:05 | 1062317 MiningJunkie

Sell 'em !!!!! PPT is on a jet to Tokyo for a training session. The Generals (GS and AAPL) are being whipped like rented mles.

Wed, 03/16/2011 - 15:08 | 1062344 MiningJunkie

That should have read "rented mules"...

Wed, 03/16/2011 - 15:08 | 1062348 Ahmeexnal

Well there's some good news.
The boffins at Meyrin are about to start their time travel experiments.
Back to the 80's bonanza!

http://www.foxnews.com/scitech/2011/03/16/atom-smasher-used-time-machine...

Wed, 03/16/2011 - 15:12 | 1062377 Shell Game

CAPTCHA:

-Bernank x -BTFD = BTFB(ullion)!

Wed, 03/16/2011 - 15:32 | 1062500 Cleanclog

Wed, 03/16/2011 - 15:58 | 1062696 fundmanagernews

Bill Fleckenstain yesterday said if 80 gets taken out all hell was gonna break loose and it's happening. Every hedge fund has stops put in at 80.

http://fundmanagernews.com/fleckenstein-capital

Could this be another flash crash?

Wed, 03/16/2011 - 17:24 | 1063276 user2011

It just doesn't make sense.

High yen is killing the exports for Japan. Yes, Japanese buying power may increase but their stock market will tank also because companies are hard to make a sale. That will further putting deflation in full gear.

Yen has just hit 77:1 dollar. 3%+ dropped against all other currencies. That means Japan will be net importer against the world. I am not sure BOJ alone can defend this.

Wed, 03/16/2011 - 19:09 | 1063911 sun tzu

Taking a trip to Rio while our biggest ally in the Pacific is facing it's biggest disaster since WWII is completely the presidential thing to do.

Market In Freefall As USDJPY Takes Out Stops, S&P Now Negative For The Year

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