This is not USDJPY-driven. VIX has diverged (as has HY Credit) for the last 3 days but the push higher in the 'fear index' in the last few minutes (with no obvious catalyst) has dragged the S&P lower - erasing (once again) the Santa-Rally gains...
This is not USDJPY-driven. VIX has diverged (as has HY Credit) for the last 3 days but the push higher in the 'fear index' in the last few minutes (with no obvious catalyst) has dragged the S&P lower - erasing (once again) the Santa-Rally gains...
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Links:
[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/12-overflow/20141231_VIX.jpg