The craptastic NFP report undid the overnight ramp — for all of two minutes. The futures bounced strongly and are trying to find some equilibrium. The USDJPY, back above the red TL for now, continues to drive equity prices. Very reminiscent of the taper pop — with the PPT’s hand clearly caught in frame…
Even the talking heads can’t explain the melt-up — just like back on Dec 18 — because the honest explanation would be bad for business: the market’s going up because TPTB need it to go up in the face of really bad news. They are buying everything in sight in order to ramp it right on through into the close and, ideally, scare the bears into capitulation.
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