The machines have learned well that 1015ET is buying time… Why, you ask? Well, it’s POMO time – when the Fed hands out its fully fungible, rehypothecatable, infinitely leveragable free-money and risk assets pop… apart from today, there is no POMO… USDJPY 102 was all that mattered – no excuses. At least the currency manipulation crack down has fully rooted out all the front-running, options-strike-searching behavior…
and then a few minutes later… doh…
via Zero Hedge http://ift.tt/1c1XJeC Tyler Durden