It’s not Home Depot.  It’s not the Keystone pipeline (though you gotta love Rick Perry’s new nerdy specs — pushup bra for the brain?)  It’s not housing.

Thailand is under martial law, and the bhat ain’t looking so hot.  Note the central banker prop job in play in the chart below.

The yen is the flight to safety for Asia — and, a sinking USDJPY damages the yen carry trade.

USDJPY quickly gave back .786 of its gains from yesterday morning (while ES fell .382.) The .886 is right alongside the SMA200 — a drop below would be quite bearish for stocks.  Though, the BOJ is almost certain to intervene.

Keep an eye also on the 10-yr.  Yields fell 27 bps on the opening.

GLTA.