When the largest currency cross in the world spikes 70 pips on no news and starts trading like a penny stock, you know that beneath the calm surface of all-time high nominal stock prices, something is brewing... Of course, as we tweeted earlier, there is another reason for the ramp...
It's momentum ignition time. Who goes first EURUSD or USDJPY?
— zerohedge (@zerohedge) April 30, 2013
Retail needs to see S&P 500 at 1600... and in the face of macro data and micro earnings, there's only one way that is going to happen.