With the Dow Transports pressing new record highs this morning (up 1% in 2014), the Dow Industrials are still lagging (down 0.8% year-todate). Despite a bid in Treasuries this morning (5Y and 7Y -2bps), stocks are jumping since the US open, helped by a lift in JPY crosses (USDJPY bounce off 103), dragging the NASDAQ into the green once again for 2014. Gold and silver have recovered the early losses but WTI crude continues to slide (back under $92).
Stocks are ‘correlated’ with the reversal off 103 in JPY – but it seems a little to high beta to be sustained for now…
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/b1LDoiSKUO4/story01.htm Tyler Durden