If USDJPY is the kingpin of stock manipulation, CL is more like the enforcer. That is, if USDJPY is otherwise occupied in, say, a gang war with the yuan or the dollar, CL is more than happy to step in and ensure that stocks don’t seize the opportunity to stray from the “understanding” that there is only one direction in which they should spike.
So this morning, as USDJPY cools its heels waiting for the BoJ to come through with expanded easing, CL is up nearly 3.5% — gleefully kneecapping bears who had the nerve to bet against central banks’ omnipotence.It was enough of a move to break out of the triangle it’s been in since late August. What does it mean for the bigger picture?
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