Tipping Dominos At 4 A.M.

It was somewhat remarkable that U.S. equities held up as well as they did on Thursday afternoon amid the turmoil in the Brazilian real and the concurrent safe haven bid that sent Treasury yields tumbling and 10Y futures volume surging. It looks like that relative resiliency is going to be tested on Friday, coming off a lackluster Asian session that saw equities hit pretty much across the board. In a testament to how all it takes is one headline to start tipping dominos in an increasingly inter