This week has seen a slew of significant levels related to the post-2009 bull market break on several key stock indices.

As the PBOC revealed overnight, China’s foreign-exchange reserves plunged much more than forecast in December, capping the first-ever annual decline (of $513 billion) as authorities sought to prop up a weakening yuan. More importantly, the $108 billion decline from $3.438 trillion to $3.330 trillion - far greater than the $20 billion estimated - was the largest on record, and shows that while on the surface the Yuan was stable, behind the scenes the PBOC was furiously dumping securities to prevent an all out currency rout as outflows hit a record.

Surging volatility in global equity, currency, and credit markets and significant stress in a major world economy have George Soros on edge. Speaking at an economic forum in Sri Lanka, the billionaire hedge fund manager warned global markets are facing a crisis and investors need to be very cautious. On the heels of the second trading halt in four days, Soros exclaimed "I would say it amounts to a crisis... which reminds me of 2008."

In a move that could very well lead Iran to take the "proxy" out of Yemen's proxy war, Saudi Arabia has reportedly bombed the Iranian embassy in Sana'a, injuring staff in what Tehran says was a "deliberate" attack. "My classmate and I were at recess when a huge explosion hit the neighborhood. We ran to the side and she fell to the ground in fear."

"These people that we welcomed just three months ago with teddy bears and water bottles ... started shooting at the cathedral dome and started shooting at police. Well seasoned police officers then confessed to me that they never saw something like this in their entire lives."

Obama's Keystone pipeline rejection "mission accomplished" banner has just led to a big slap on the face of the former constitutional expert, and could carry a multi-billion dollar chage after late this afternoon, TransCanada filed a lawsuit in Federal court in Houston, suing the U.S. government and claiming the Obama acted unconstitutionally when he rejected the Keystone XL, while also seeking $15 billion alleging the pipeline denial was "arbitrary and unjustified."

“There’s always the possibility of keeping a certain distance of more than an arm’s length – that is to say to make sure yourself you don’t look to be too close to people who are not known to you, and to whom you don’t have a trusting relationship. We need to explain to people from other cultures that the jolly and frisky attitude during our Carnival is not a sign of sexual openness."