Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.
"... Evidently the bottom is not in in Japan. Last night the Japanese stock market (Nikkei) moves right back into #crash mode (-22.8% since July) after closing down an eye-opening -5.4%. Why?
- Japan is losing control of the central-market-planning belief system (if we devalue Yen, you buy Nikkei)
- Instead, as Japanese Government Bonds (JGBs) yields officially go negative (10yr -0.04%), the Yen is ripping
- And, as the Up Yen, Down Nikkei trade goes, panic on the consensus side of the hedge fund community ensues"