This morning's US equity "market" behavior is 'volatile' to say the least and of course all human-driven??! A JPY-pump-driven surge into day-session open suckered just enough in to leave vaccuum and when someone pulled the rug from under the JPY shorts right at the open (bashing USDJPY back down to the all critical 102.00 level) stocks tanked... AUDJPy stabilized and stocks surged back to it and are now treading water around VWAP. While all this was occurring bond yields went only one way - down; and the USD Index jumped notably. Given the all-time-highs, conviction in stocks seems anything but strong.
JPY-carry in charge (more AUDJPY than USDJPY again)
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leaving S&P futures hovering at VWAP after quite a volatile start to the day...
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Especially when bonds and the USD have been a one way street...
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