Is it any surprise that CL and USDJPY have rallied sharply in response to yesterday’s mini-meltdown in stocks? After ES and SPX both completed H&S Patterns that might have sent them down to backtest (horrors!) their SMA200s, CL is up 7.3% and USDJPY 1.3% off yesterday’s lows.
News or fundamentals? Nope. Just talk…aimed at averting a negative outcome for equities. The BoJ is talking more QQE or even more negative rates since they’ve both been so successful (not!) in turning around the Japanese economy. And, oil? What can I say? If there’s a limit to this manipulation insanity, we haven’t found it yet.
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