Chinese Play Tough in the Dark

The Chinese raked havoc with world equity markets today as they devalued their currency by about 2% over night causing and put in place measures to allow it to float with the world market.  The effect had stocks hemorrhaging and Treasury and bond markets dancing.  Not so fast though.  Bond markets are up against tough resistance and could encounter a strong re-buff in the coming sessions. The Dow closed down 212 on the day.