Up Goes The Yen, Down Goes Our Stock Market

The Yen also pulled back for 4 days into the Fib zone and is now heading higher. Notice how closely our market is trading with the Yen. As soon as the yen moves up, our stock market gets hit.

Subprime is definitely an issue and a major cause for concern, but it is the Yen which is the bigger catalyst for stocks in my opinion. Between subprime and a rising Yen, I think there is way too much risk being long stocks right now. I'm still short DIA, QQQQ and SPY.