Busy day, might not have time to write a full post so I'll blab here.
South Africa in the doldrums, though I wrote about it 2 months ago, I did not expect it to move so fast.
Bernanke's comments were directed at the froth in the bond markets, prevent searching for yield from becoming searching for disaster. Does not mean he wants to exit linearly or at once.
Fedwire will probably come to the rescue today, either a Fed governor or Hilsenrath writing/saying "Fed's worries over financial stability are symmetrical... sees risks on both up and downside.. need to take all factors into account and balance both directions...blah blah"
Gold (GLD) might soar on risk off and "safe haven" purchases again, $50 in one session if Hilsenrath comes early.
Aussie doing better, though New Zealand kiwi doing worse on intervention rumors. ZAR crash might hold down commodity currencies for now, but I think Aussie will bounce. Not betting on it, but more importantly, not betting against it yet.
Yen (FXY) flying all over the place, will prolly strengthen significantly, especially if Fed gives up QExit for now.
Market will be soothed more by Bernanke/Fed QE assurances than spooked by ZAR crash, for now. So we might see some new highs before ZAR gets serious and the you-know-what hits the you-know-what..
<End blab>