The US equity market took 16 hours to fall 15 points and 90 minutes this morning to recover amid an absolutely dismal retail sales print. The full bulltard farce of disastrous news being great news is writ large in stocks as they decouple from any FX carry or bond market sense of reality.
Bonds and stocks are no longer friends…
and FX carry is dislocated as S&P 500 futures “beta” to JPY doubles as stocks open (80 pips down in JPY and 14 point drop in ES…
40 pips up in JPY and 15 point rise in ES)
It does seem that stocks are circling around gold to some extent though…
Charts:Bloomberg
via Zero Hedge http://ift.tt/1bsa7H5 Tyler Durden