OPEX Insanity

I’ve seen it blamed on everything from a potential delay in the Brexit vote to Bullard’s resumed dovish tilt.  But, yesterday’s stick save was simply the result of our old friend — the USDJPY ramp.

After one of the most devastating dives yet (thank you, FOMC) the pair went on a non-stop melt up which, along with CL bouncing just below our 46.34 target, saw SPX/ES make one of its most vicious V-shaped recoveries this year.

2016-06-17 ES 15 0615 ES has seen many like Wednesday’s — the steady drip, drip, drip of the algos working prices higher.  Yesterday’s 35-pt rebound was so steep as to be laughable.

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