HEI: This flash crash matters – here’s why

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The Heisenberg writes: “When the yen suddenly surged against damn near everything during one of the more dramatic “flash” events in recent memory just after 9:30 AM in Sydney, it wasn’t too difficult to make a list of possible contributors. The yen was already on the front foot amid the generalized risk-off mood across global markets and was tracking the ongoing rally in U.S. Treasurys pretty closely. Well, 10-year U.S. yields dove to a fresh 11-month low following the Apple guidance cut. That probably set the stage.”