It has been a seesion of violent, volatile gaps, starting with sharp gap up in S&P futures on Wednesday night, just around 10pm, which saw ES spike and rally to new all time highs on no news...
Traders in Asia are bemused as offshore Yuan suddenly spikes by the most in 2 months (following dollar's post-Fed-Minutes breakdown) to 2-month highs...
It seems The Fed's potentially dovish realisation that data-dependence is going to hold them back from their plans to hike rates no matter what is rippling through the world's risk markets as Yuan spikes suddenly and dramatically in Asia trading...
Sending offshore Yuan to 2-month highs..
As we warned earlier it seems The National Team are active in stocks...
Authored by Mark St.Cyr,
Not even last night's Moody's credit downgrade of China - the first since 1989 - could dent the global stock rally which has pushed global stock prices to all time highs. After initially sliding, regional stocks and emerging Asian currencies pared early losses following the unexpected downgrade of China, taking their cue from the "sudden reversal" of the Shanghai Composite Index, which some speculated saw the latest intervention of the "national team."
Via SovereignMan's Simon Black,
This morning I read a stinging open letter written by a small business owner in the Land of the Free named Don Chernoff. Chernoff imports and sells luggage, and he pulled no punches in voicing his disgust for the phony support and failed policies that constantly make his life more difficult.
I’ve edited his letter for length below; the full version is available here.