Worst GDP miss in years, “market” is up.  Makes perfect sense…

Look no further than USDJPY and NKD, which — after a very weak after-hours — suddenly spiked at 9:30.  USDJPY tested the SMA200 and NKD a trendline before the session opened, but neither spiked until the cash market opened.  Good thing it’s not rigged (sarc.)

ES rallied 11 points, SPX 7 points.  We should either see a breakout here or a replay of yesterday’s meltdown with the rally acting as a flag pattern, with continuation down to1934ish.