Back to Plan A

With the narrative so egregiously inconsistent with reality, even central bankers are having a hard time maintaining a straight face while propping up oil. And, the credibility ship sailed a long time ago for these guys.

With CL going sideways overnight (the equivalent of a disaster in any other security), it’s back to propping up stocks with a good old fashioned USDJPY ramp. It was good for 12 points on the eminis overnight.