You just have to laugh... oil is lower (though bounced at the close) and Greek debt is crashing and the mainstream media proclaims this idiotic ramp (driven by FOMC Minutes and Charlie Evans) as due to stability in crude and Europe... It's The Fed, Stupid!!
A gentle reminder... from The BIS in December - mocking Bullard... [7]
Once again, on the heels of the turbulence, major central banks made soothing statements, suggesting that they might delay normalisation in light of evolving macroeconomic conditions.
Recent events, if anything, have highlighted once more the degree to which markets are relying on central banks: the markets' buoyancy hinges on central banks' every word and deed.
Which is so massively ironic that in the following month there were 3 Fed stick-saves!!!
[8]
Notice the Fed interventions are coming at smaller and smaller corrections... Bullard -10%, FOMC/Yellen -5.5%, Evans/FOMC Mins -3%
This is the 2nd biggest 2-day short-squeeze in 14 months... 2nd only to the one that occurred on the December FOMC meeting...
[9]
Which smashed stocks back into the green for 2015...
[10]
1400 point roundtrip in Dow...
[11]
Because oil stabilized (umm no!)
[12]
Or because Europe stabilized (umm no Greece crashed today)...
[13]
And even JPY carry couldnt keep up with equity exuiberance... stalling at 120.00
[14]
As rates also won't play along - still notably lower on the year...
[15]
Rates oveerall are down 10-12bps this week
[16]
The USDollar rose once again on EUR weakness but oince again USD sold off in the afternoon session...
Gold and silver down small along with copper as even crude saw lower vol...
[17]
And this happened in Crude...
[18]
Charts: Bloomberg