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Testing the Jan 20 low, could be a consolidation or rebound here first then we'll see.
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Oil, news last night was that Phillips 66 had dumped a large amount of inventory at Cushing for discounts of 2.25 to 2.50, and at least one other refiner was doing the same. They said Valero was cutting production at Memphis by 25% and that the crack spread in the upper midwest was going negative. So this is the scenario Goldman laid out where storage fills and prices are slashed because they can't just shut all this stuff down. The next phase will be widening defaults on junk bonds, and by the way the banks are behind the curve on loss reserves for this sector.
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With the legendary JPY carry trade closing out fast selling should be relentless. The intervention this morning before the NY open could be just the first of many, unless the the Fed can co-ordinate a crisis intervention.