Since the all-powerful JPMorgan CIO began talking at 10ET, markets have levitated. EURUSD and WTI stand out as the most impressive turnarounds but the Too-Big-To-Fails are all rallying in sync on the basis, we assume, that they have once again been proven impregnable. It seems very clear that correlation is being used to levitate markets here as the instantaneous jump in CONTEXT dragging stocks higher just as Dimon began to speak is so very reminiscent of the magical fairy that decided to buy Facebook shares as Gorman began his interview on CNBC last week. Maybe we should have Jamie speak every morning - the New QE?
TBTFs rally monkey...
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but EURUSD seemed to enjoy his comments...
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but WTI appears to have all its problems solved...
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and these 'leverage-able' risk assets are helping levitate stocks in an oh-so-perfectly correlated manner...
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Charts: Bloomberg and Capital Context