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Rick Santelli: "The Markets Are On Fire"

RICK SANTELLI: I tell you what the markets are on fire here. This is really, really fascinating. Forget stocks. Stocks are doing what they've done all morning. The dollar index is double down from up a half a cent to up a penny. We've seen a huge break in the pound. The pound is really getting pounded. The Euro, to a less extent. There's only one currency, actually two that are doing a little better against the dollar and that's the Aussie and the Mexican peso.

Interest rates jumped up to around 2.65, 2.66 which matches the intraday high yields going back 23 months. Intraday, that was the high yield mark of several weeks ago. Our current high yield closed is 261 -- it went from 2.65, 4, 3, trade 2.62, 2.63. This is going to be a big day.

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