Head for the hills.
The S&P 500 is down 21 points, or 1.3%, to 1636 as the market begins to kick and scream about the taper. Traders are rushing into the safety of bonds and the 10-year has broken back into the July-early August range with yields now down 6.5 bps on the day to 2.72%.
10 year yields
There are stops in USD/JPY below the big figure but another set of strong bids is protecting 96.90, which represents the Aug 20 low. Afterwards, there are bids at 96.50, also in size.
