02.29.08
Beware the Leap Day Tomorrow…Brokers could be leaping from windows
Gang, this chart….
is a screaming, warning terrifying
The Japanese equity markets are not liking the dollar/yen disaster one iota. Normally I would post a full op-ed in the morning and I shall try around 4 a.m. But events are in motion, again, and it concerns me that tomorrow could turn into one very ugly day. The US Dollar is in serious trouble and the Kitco chart says it all. More in the morning.
0500 update: It’s not looking any better this morning. The Fed is in a box. They have to loosen up the spigots to keep the reserves high or risk collapsing bank after bank. On the flip side if they continue to just assist in the dollar destruction the consequences are, well, obvious. I think the dollar gets smoked again today and with the 73 level in play, it’s time for everyone to review their financial emergency plans. Remember the 3 day plan Homeland Security had with tuna, duct tape and plastic sheeting? I hope you have a 3 YEAR emergency plan because you’re going to need it. More on the show tonight but there is nothing to indicate that conditions have improved. And for those that follow it, the municipal bond markets are just plain nasty. Watch their movement today as that impacts everything as much as the housing disaster has.
