Now I can crawl out from under the desk and get out of the fetal position..Stocks ended down 100 points after the first 1000 point daily range in DJI history. EUR/JPY has eased from its highs, now at 134.50 down from 135.40 at the height of the crazy afternoon rally. CNBC reports that all the firms involved in the Lehman CDS auction all posted margin, so that is a big relief for the market. If the G7 shows any signs of coordination, the crosses and the equity market could get a boost on Monday.
We’ll check back in after G7 issues its communique.