EM is fixed? Fed will un-Taper? Earnings will recover? Money on the sidelines? We've heard it all this morning as why stocks are recovering modestly... the real fun-durr-mental reason, of course, is in the chart below: behold the US&PJPY or, alternatively, USDSPY.
Still think it's a market of stocks?
[4]
Or just a marginal-liquidity JPY-carry-fueled ponzi?
One good thing to come out of this centrally-planned abortion: instead of 8 monitors to follow "stuff" traders now just need one small screen to track the USDJPY - that shows everything you could possibly ever need.