Draghi did nothing; data provided no impetus; and earnings have destroyed many "narratives". So why are stocks soaring? Simple: in lieu of the ECB actually doing anything, it appears that the head of the ECB just announced the BOJ is launching more QE.
Behold the JPY carry trade...
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Stocks caught up to Treasury's weakness yesterday...
[4]
Of course - there's always credit for some sanity...
[5]
Incidentally, the USDJPY is now known as the Patek Philippe trade (aka Swiss Watch), as per our tweet just before the start of the ramp:
pre open USDJPY ramp time
— zerohedge (@zerohedge) February 6, 2014 [6]
One can't wait to learn just how many "investment theses" the BOJ submits to the FX manipulators in the "Bandits Club", the "Cartel", and other such illegal chatrooms [7] each and every morning once the so called investigation into globalcurrency manipulation finally reveals all the dirt behind the scenes.