A Little Off the Top

Isn’t it swell that the “market” can soar 33 points on nothing more than the repetition of bad news? Despite the talking heads pleas, there is nothing fundamentally good about higher interest rates unless you’re a financial institution. And, even then, there will be winners and losers.

The post-minutes algos kicked in as they always seem to — perhaps in an effort to assure those few human investors left that the FOMC’s utterances are always wise, always bullish.

In reality, it was our old friend USDJPY which was almost solely responsible for the melt-up — as it has been for well over a month.So, it’ll be interesting to watch what happens as it again approaches channel support this morning. Will it hold again, or will TPTB allow a little off the top, just for appearances sake?