Crazy, crazy day unfolding
* The Japanese yen is soaring -- up 1.49% recently against the dollar. Meanwhile, "carry trade" currencies like the New Zealand dollar are getting hit. Yen carry trade unwind action? Maybe.
* Bonds are rocking again (long bond up 12/32) on dismal durable goods orders figures for January. Orders for all goods plunged 7.8% from December, versus a forecast for a 3% decline. Durables, ex-transportation sank 3.1%. Forecasters were expecting a drop of just 0.2%.
* Stocks are getting shellacked, with one market (China) down by the most in around 10 years overnight.
* The subprime lending meltdown is showing signs of spreading to other sectors. More "mainstream" mortgage lenders and even diversified financials are getting hit.
* The S&P/Case-Shiller home price index dropped 0.7% month-over-month in December. That was the fifth decline in a row and worse than the 0.4% drop in November. Nine of the 20 metropolitan areas in the index reported year-over-year drops as well.