Less than 24 hours to go for the BoJ decision, and about 30 for the FOMC’s. And, equities are ramping again in eager anticipation of a non-event. QE, QQE, ZIRP, NIRP, ETF purchasing, VIX, CL, TNX and currency manipulation got us here. Without them…well, the “market” would rather not think about that.
Kuroda and Yellen are stewing in that knowledge this morning — keenly aware that the whole house of cards could collapse if they do the “wrong” thing — whether or not the economic circumstances dictate. VIX’s manufactured sleeper of a decline belies the fireworks just ahead.
So, we’ll take a look at the upside and the downside cases this morning — laying out specific targets representing good, bad and ugly scenarios.
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