With the Nikkei 225 trading back under 13,000 once again, the countdown to the 12,815 level is back on and the pronouncement of the Japanese bear market. Bad was not good this morning acoss risk assets in general as the BTFDers were unsure if their man in the big house is really gonna keep pumping. Treasuries are modestly bid (2-3bps) as US stocks crack back below recent lows near a one-month low in the S&P 500. Carry drivers are getting pummeled as AUD is sold and JPY is bid. European markets are bleeding (equities worse than sovereign bonds for now).
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Carry-driven excitement fading...
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and credit leading us lower...
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