BOJ Intervention Half-Life Drops To 3 Hours As All Eyes Focused On Today's POMO
Remember when once, less than 8 hours ago, the BOJ decided to punish its currency in yet another rate reduction-cum-QE decision? Neither do we, and neither does the market - the half-life on currency intervention by the Japanese central bank is now 4 hours (and dropping), as the USDJPY is lower than where it was pre-intervention. According to market rumors, Shirakawa is preparing to take the honorable way out as he has now lost all control. Either that or LBO Radioshack. As for what does matter today, there are only two thing: $3-4 billion POMO today is currently being front run by millions of tiny, hollow vacuum tubes, while the 2-3 traders remaining are fully aware that SPY and IWM are on the Reg SHO 'suggested' buy-in list. All else is noise as the Fed will get the market higher today period. Also, don't look now, but gold just passed $1,330 - and you still can't eat the damn thing!