Wondering Why Stocks Are Soaring?
Draghi did nothing; data provided no impetus; and earnings have destroyed many "narratives". So why are stocks soaring? Simple: in lieu of the ECB actually doing anything, it appears that the head of the ECB just announced the BOJ is launching more QE.
Behold the JPY carry trade...
Stocks caught up to Treasury's weakness yesterday...
Of course - there's always credit for some sanity...
Incidentally, the USDJPY is now known as the Patek Philippe trade (aka Swiss Watch), as per our tweet just before the start of the ramp:
pre open USDJPY ramp time
— zerohedge (@zerohedge) February 6, 2014
One can't wait to learn just how many "investment theses" the BOJ submits to the FX manipulators in the "Bandits Club", the "Cartel", and other such illegal chatrooms each and every morning once the so called investigation into globalcurrency manipulation finally reveals all the dirt behind the scenes.
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