The USD/JPY collapsed today taking the markets with it. As you all
know, the markets are pegged to this chart and today is no
different. After a solid gap higher, the markets fell with as the
Dollar/Yen fell. So there has been no stop in the selling at this
point as the indexes are down over half of
one-percent.
This break in the Dollar/Yen is a big negative for the markets.
While it is only an initial minor sell-off, should the Dollar/Yen
continue to collapse, the markets will not be able to curtail their
selling. Watch for follow through tomorrow. If we see it, expect a
top in the market and a large pullback.
Gareth Soloway
InTheMoneyStocks
