The Dow and S&P have shrugged off any belief that yet another Japanese recession will impact the invincible American economy… but Small Caps, Nasdaq, and Trannies are a little more concerned. However, if everything is so awesome in the US, then why are credit and equity market professionals buying protection hand over fist?
Equity managers buying protection as the S&P limps higher…
and credit managers aggressively buying protection…
notably so today…
While all but the S&P and Dow get the joke today…
Of course – what really matters is USDJPY…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1ye7gYF Tyler Durden