Subject: Re: A change in market direction
Sarcasm: A thing I love about the financial journalism is that the massive Japanese yen carry trade was not a thought of a whisper on anyone's lips as to a significant market risk. The simple stuff was - overbought mag 7, starting to come down, rotation into small caps, big buying of long dated Treasuries in anticipation of dropping yields, and the like.

Then three bad days "triggered" by a questionable jobs report and all of a sudden it's "oh look, that massive carry trade unwind of course OF COURSE!!"

I bet the number of people who were concerned about the size of that trade in a crowded old wooden theater way was less than the number of obscenely rich hedge fundies at one of the parties in the Hamptons last weekend.

Reeks of 2008-Q1 09 "gee why does the stock market keep going down? Have faith, it'll come back" journalism - until it was exposed AFTER the bottom of the crash that the investment banks were trading bull**** derivatives squared on top of knowingly fabricated mortgage bond "tranches".

Quelle horreur.

FC