Carry Trades Whiff


The USDJPY is soaring after the latest machinations out of Japan (rumors of helicopter money), and the futures are yawning.

But, even so, the S&P 500 futures are actually off a little — very unusual behavior for a “market” fueled almost entirely by USDJPY and CL.

2016-04-22 USDJPY 60 0621CL, for its part, is currently up 1.5% — a very typical snapback rally after losing trend overnight.  Still, ES isn’t responding.

I’d like to think it’s because TPTB would like us to nail our next downside target.  But, I suspect something more important is at work.

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