Will Japan Kill the Rally?

If this isn't an overthrow, the bear market rally in stocks could be cut short by a crisis in Japan. Who knows how much room USDJPY has to go before the markets start panicking.

If the yen falls, everything negative will rapidly escalate. Financial markets will destabilize along with the Taiwan Straits.

Crude stopped rising right where I expected a weak rally would run out of steam. This has to move lower to sustain a rally, otherwise bonds will keep falling and suck the yen down with them.

A gap up in TLT would create an island reversal. Something to watch in the next day or two, that would give a powerful rally signal.