Dismiss the fate of the soon to be walled nation of Mexico at your own peril. If you’re not watching the peso-dollar cross, you’re committing grave and heinous injury to the risk management apparatus of your bullshit portfolios.
Although meaningless, the peso is the single best barometer of risk in EM, due to the liquidity of the Mexican currency. When things are deranged and the world plunges into a Mr. Hyde world, pesos are cast aside and kicked into sewers.
Today, on the joyous celebration of man, pesos are 0.85% higher v the dollar.
Truth be told, I am actively seeking chinks in the armor of this rally and can find none. Perhaps that’s the chink, the turning of bears into idle and docile market participants, ceding to the will of crazy fucking faced bulls.
In the interim, enjoy the fajitas. They’re being served hot today.
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How about a 88 reading on the Fear and Greed index?
http://money.cnn.com/data/fear-and-greed/
2 new lows on the NYSE today.
Peso needs to break 20. That will be the signal to “unleash Hell”.