[1]Late last night, Japan's Nikkei 225 touched the 12,815 20% correction [4] level and bounced. With the collapse stronger in JPY this morning (sending JPY-carry-traders scrambling) that level has been well-and-truly breached with the Nikkei 225 now trading 12,760 - down 20.25% from the 5/22 highs of 16,020. It appears the "buy-the-dip-mentality" is lacking among market participants that are decidedly one-way on this ship [5].
[6]
Charts: Bloomberg
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Links:
[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/taxonomy_vtn/term/9835
[3] http://www.zerohedge.com/taxonomy_vtn/term/12285
[4] http://www.zerohedge.com/news/2013-06-06/japanese-stocks-hit-bear-market
[5] http://www.zerohedge.com/news/2013-04-14/five-fund-flow-charts-every-japanese-stock-investor-should-see
[6] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/06/20130606_NKY2.jpg