USDJPY has been sliding (JPY strength) the last few days even as US equites have pushed higher. Carry-fueled exuberance has been replaced by short-squeeze and VIX (hedge) unwinds as ammo but yesterday saw VIX converge and shorts underperformance at extremes. The performance so far this moring has been weak for stocks. Very low volume is rising as we fade lower and retrace the entire late-day ramp idiocy of yesterday. USDJPY at 99.00 seems the line in the sand and with WTI pushing higher (back above $109) as Syria grows louder and more emboldened is not helping.
Stocks back to pre-ramp levels...
[3]
As, for now, it seems the short squeeze is over...
as USDJPY slides in a carry-off manner...
[4]
and crude is pushing notably higher once again...
and its not a global liftathon as the NKY diverges from the S&P...
Charts: Bloomberg