Fine Tuning the Markets

SPX had no trouble reaching our initial downside target yesterday, thanks in large part to CL’s cooperation.  CL plumbed new lows, as expected, bringing the total decline (so far) since our top call at 50 to 11.5%.2016-07-22 CL 5 0615USDJPY was no slouch, reacting to the (withheld) news that Kuroda has (had?) no intention of unleashing a massive addition to its already ineffective QQE program.

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