USDJPY remains in charge of US equities this morning as hope sprang eternal for a few moments when the NASDAQ managed to go green for 2014 shortly after the open. However, the weakness in USDJPY began around Draghi's speech and stocks in the US inevitably caught down to the carry unwinds. Short-dated Treasuries continue to bleed higher in yield and the 5s30s curve is now its flattest in 4 months (and 2s30s 2-month flats) Credit markets have been waving a red flag for a few days and high-yield and investment-grade credit risk is now back at its widest since Dec 20th. VIX is leaking modestly higher as it seems managers prefer to 'sell' than 'hedge' as the realization of the Fed's QE-costs-and-benefits statement sink in.
NASDAQ briefly declared victory...
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The "JPY 500" continues to trade down...
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Credit markets continue to press wider...
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and Treasuries continues to bear-flatten...
(h/t @Not_Jim_Cramer)