What Changed At 1035ET?

Just as we saw yesterday, US equities have decoupled from FX carry but not long after POMO started something very odd happened... at 1035ET, shorts started piling on...



So what happens next? Manufacture a short squeeze which lifts the S&P 500 to unchanged for 2014 (aroun 0.75% higher from here) or so the indices catch down to FX carry weakness?


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