Beware the Ramps

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Yesterday’s 8-point decline in ES was elevated to a 4-point gain overnight as ECB’s Ewald Nowotny talked up the need for more QE.  2015-11-02 ES 60 CU 0600ES had clearly broken trend.2015-11-02 ES 60 0600It was also enough to prompt a rebound in USDJPY, which had also broken trend. 2015-11-02 USDJPY 60 0600When all else fails, overnight ramp jobs are a very effective way of forcing “markets” higher.  But, it doesn’t change the fact that an important event occurred last week.

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