Just as we ‘predicted’ this morning… on no news whatsoever… as once again the meme of underperforming hedge funds (HFRX Global Hedge Fund Index down by ~0.5% YTD versus S&P 500 up 9.2%) needing to chase performance is trotted out as an excuse to front-run the highest beta idiot-maker stocks into the open…
What we said…
Of course, by now everyone knows that the traditional pattern is weakness at the US open, ramping into Europe close, then ramping some orem to preserve faith in central planning. Today should be no different.
JPY went first (dragging NKY to 17250) and now S&P is catching up too…
Normal…
Of course US stocks have a long way to go to catch up with Nikkei since Friday
via Zero Hedge http://ift.tt/1yQqdRL Tyler Durden