Universal Margin Call. That was my post at March 7. Yen is $112.79.

Look at ABX indices (especially ABX-HE-AAA 07-2). Or CMBX (CMBX-NA-AAA 2). I think it means “that’s it, game over” – we shall see something spectacular this month, whatever it will be.

Got popcorn?

Update 9 Nov:

  • CMBX collapsed yesterday
  • Commercial paper – worst decline in 2 months
  • Yen 111.20 – complete failure of carry trade

Keep getting popcorn – we are very far from the bottom