off phone w/ FA
sooooooo- apparently domestic Hedge Funds and large institutions were borrowing MASSIVE $$$ from Japan banks- Japan rates were darn near ZERO for long time.
Well Japan hiked rates which caused that $$$ to go from ZERO % to around 7-8% - so all the Hedge/Institutions are now unwinding positions due to the interest rate hike in Japan and the cost of that borrowed $$$$.
Damn hedge funds. Always looking for a way to maximize profits without regard for overall picture. Did they not think a rate hike was coming?
And this on heels of employment numbers last week not rosy ( said that usually points to a recession coming - doesnt think thats the case - but others do ) and FED not moving on rate hike in July.
so here we are.