I know you guys are singularly focused on the plunging US market, but a bigger mess is brewing just across the pond from you. This morning the UK's new government took out a rather large gun and shot their currency right between the eyes. For some unexplained self-immolation reason, they cut the Cable.
The plot below using an fxtop.com graph shows a rather simplistic, but very scary price projection for the Pound down to the 80 US cent range. That would be great if you're a yank tourist bellying up to the bar in a UK pub buying good English ale at a bargain price, but not so good if you're English and all your energy and most other imports are priced in dollars. This will cause inflation on steroids, a.k.a. a currency crisis. This is a big deal, and just when I thought that I would be eating crow yet again for one of my crash window calls, the UK PM goes out and literally hatches a big black swan egg right on the floor of Parliament. Maybe I'm over-reacting, but that previous low on the plot below was in the mid-1980's almost 40 years ago. If they don't try to clean up this mess this weekend, Monday that feathered ebony emissary of evil might just spread its wings over a lot more than just Cable.