The Nikkei, Yen and Oil: Joined at the Hip

One of the more laughable charts since the election has been the Nikkei 225 (NKD), which has soared 2,600 points in the face of: (1) the election of a protectionist US president, (2) higher oil prices, and (3) higher interest rates.  Yesterday, it reached our next upside target of 18,631, which puts it roughly 25% higher since our Feb 9 … continue reading →

Happy Thanksgiving

Here’s wishing all of our readers a safe and enjoyable Thanksgiving holiday. Chalk today up as capitulation, holiday style.  Having gotten DJI up over 19,000 and SPX up over 2,000, CL has backed off its rumor-driven, equity driving rally.  It faces another inventory report this morning, this one from EIA. USDJPY is rallying to compensate — … continue reading →