Everyone knows that you “don’t fight the Fed” – and sure enough, traders are selling momo, social media, and biotech stocks, sending the Russell 2000 ands Nasdaq to the lows of the day. Despite the best efforts of USDJPY momentum igniters – which has now shifted to tracking Treasury yields, pushing them modestly hgher. No bounce at all in broad US equity markets (though we expect the spin to be a rotation from growth to value once again very soon). Gold jumped on the dovishness but fell back to unch as did the USD.
with the momos in trouble…
Stocks are ignoring JPY’s best efforts to pump asset highers… sending Yields higher…
via Zero Hedge http://ift.tt/1mRvCnz Tyler Durden