Yesterday marked an epic battle between algos driven by CL and those driven by USDJPY. CL won. As USDJPY melted down to lows not seen since Halloween 2014, SPX refused to budge — not until CL announced it wouldn’t bounce any higher.
We won’t mourn the impending death of the yen carry trade, as we’ve seen too many resurrections over the past year to assume it’s truly toast. Besides, this latest turn of events gives it the freedom it needs to reach the next lower target on our list.
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