A prevalent tone of ‘proceed with caution’ was evident in today’s session. The weakness was widespread as every sector closed deep in the red with no shortage of culprits. The main focus was on the yen strengthening versus the dollar (as much as 3%), an eye watering move that sent the Nikkei plunging 12.4% overnight. The weakness bled into the US session early as major indices opened on their lows and crowded trades unraveled mercilessly. Further, the move lower in equities sparked a flight to…
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