Curses, Foiled Again!

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cursesWith the massive NFP beat on Friday, bears thought they just might have a fighting chance.  The odds of a rate rise in December have clearly risen.

And, sure enough, there was a 22-pt drop off the pre-announcement highs in the futures.  But, the dollar — which had already broken out of its seven month consolidation — was further emboldened by the prospect of a massive 1/4% boost in short rates.2015-11-09 DX daily 0600 And, TPTB were quick to seize on the USDJPY strength (+1.15%) it produced.  What happened after that was a testament to the degree of control they still exert over currency markets and, hence, the equity markets. 2015-11-09 USDJPY 5 0600The net result was a drop in SPX that was couldn’t even reach the next lower Fib level.  But, that was Friday.  Today’s another story.

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