The near-simultaneous breakdown of key levels in USD/JPY (102), 10-year yields (2.70%) and the S&P 500 (1772) is a troubling sign for risk assets.
I’d like to see those levels hold for a few hours before drawing any conclusions because you can get some whipsaws after the Fed.
The market wanted an acknowledgement that if it got scared the Fed would be there for comfort but Bernanke said ‘Adios, you’re on your own now’.
