With the S&P futures off around 100 points Tuesday night, I noted that if the selloff lasted, SPX had a very good chance of tagging the .786 retracement at 2034.97 the next day. Instead, we got the biggest overnight turnaround since Mar 2009 and a breakout of the channel SPX has been in for the past three months. What happened, and why?
While most analysts were scratching their heads over the repercussions of a Trump presidency, central planners were busy ramping USDJPY for all it was worth. Just this morning, it reached our next upside target — a rally of over 5% in about 24 hours.
Was this merely a case of not letting a good crisis go to waste, or is there something more fundamentally bullish at work here?
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