Support was tested in a matter of minutes as the carry trade unwinds
I wrote last night how the Euro looked desperate to test 1.25, who would have guessed that it would happen in less than 24-hours.
Gold closed on it's highs today (using the ETF GLD) and looks ready to test an inverted roof pattern measured move. However, as the futures were closed when the panic occurred today, we'll have to see the reaction in the morning.
Also, a key to watch will be how Treasuries react from here...using the ETF (TLT), over $100 has signaled panicked flight to safety in the past.
Interesting, the likeness between the above chart and that of the VIX
The NYSE TICK hit a low of -1875 today (the lowest reading over the last 10-years, as far as I've seen). It certainly seemed fade-able, until the circuits broke 15-minutes later.
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