It would appear, all else being equal, that the algos have found a new leverage asset to save stocks. Given the uncertainty in Europe, EURUSD and EURJPY have lost their effectiveness; Treasuries won't play along due to the safety bid and Fed footprint; high-yield won't budge as fundamentals are making people nervous; and even VIX won't shift as protection is sought. So it seems, given the entire lack of any fundamental reasoning for today's move, that WTI crude is the asset of choice to ramp correlations with stocks higher. This last 3-day push is the biggest move in WTI since August of last year as it pushes back towards the year's highs (and RBOB is following suit) - not exactly boding well for the price at the pump shortly.
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which doesnt bode well for retail gas prices...
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Charts: Bloomberg