While the S&P 500, Dow, and Trannies remain in the red (just), the meltup off the opening lows is something to behold as Small Caps are now +1.3% on the day. The driver of this muppetry… a huge squeeze of “most shorted” stocks once again that took them from down over 2.5% at the open to higher by more than 0.5% now… Stocks, though, have decoupled from credit and USDJPY in this last vertical ramp.
This happened…
Thanks to this…
But the squeeze has got a bit over its skis relative to USDJPY
and credit…
Charts: Bloomberg
via Zero Hedge http://ift.tt/12JVZVE Tyler Durden