That “someone” went on a mad binge to sell the Dollar starting at about 10am this morning. Have a look at your 5 minute chart for the $DXY and see their handywork.
And everyone knows that if you want the market to move, start with the Dollar…
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lol saw that too. It doesn’t seem to have made much of a difference though.
It surely did as the Dow rallied 130 points off the lows and Nasdaq cut its losses in half!
Sure, but the DXY is still near the highs, and the market still managed to bleed 100.
Another 10 “victories” like that and any dip buyers will have secured themselves some awesome “tax offsetting events” for the year.
intra day run by qqq = impressive
While we’re reading tea leaves: 3 blog posts by Scott in one day might be some new kind of indicator too…
Looks to me like DXY spiked higher ~7:55am (as it should’ve yesterday), then returned to trend in the “selloff” you observed. Treasuries traded accordingly.
I suppose you’re right that you’d expect more from DXY with SPX -1.5%, but SNB had to do some serious EURCHF buying yesterday–kind of whitewashes correlations.
How can the SNB unwind their EURCHF position? If they announce a lower peg, they shoot themselves by devatluing what they already own. If they increase the peg, they are just going to eat more shit and if they do nothing…well, we’re seeing how that’s working out for them. If they continue and the EUR blows up, they’re kinda fucked.