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Takeaway: This is going to get ugly.

Global #CurrencyBurning By Shortsighted Central Planners Has Major Market Consequences - 47

The Yen is burnt to a bloody crisp. It's trading $113.44 vs. USD last and has one of the widest immediate-term risk ranges we have ever seen in FX (109.37-113.66). That should continue to perpetuate both FX market (and equity + fixed income linked) volatility.

Yen Down = Oil Down (Dollar Up) and now you see the next leg down -2.7% WTI to $76.66/barrel as whoever was trying to defend the $80 line falls down. Oil is down a staggering -28% since June.

This is textbook #Quad4 deflation and precisely what we’ve been highlighting to our subscribers. It’s catching up to equity and fixed income expectations, by sector.

Editor's note: This is a complimentary excerpt from research written by CEO Keith McCullough earlier today. Click here for information on how you can subscribe.