As the investing public looks around for reasons why US equities are rallying, the harsh reality is highlighted in the following chart… all that matters is what JPY carry is doing. While correlation is not causation, we suspect you’d be hard-pressed to suggest we are not on to something here…
What is perhaps most worrisome is that the vertical ramp in both USDJPY and S&P 500 both began as NASDAQ imploded… at 1253ET
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/jxKL0XlsCO0/story01.htm Tyler Durden