Surprise, Surprise

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. 2016-04-08 USDJPY 5 0600And, oil?  What can I say?  If there’s a limit to this manipulation insanity, we haven’t found it yet.

2016-04-08 CL 60 0600Needless to say, equity futures are loving it.

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