Yen, Apple, Netflix and VIX #msg-27481149 Let`s start with the Yen Carry trade, where do you think the juice came from for that S&P ride above 1500? Gee, somebody was sure waiting for a pullback to get in on that trade. Frankly, it was a rather tepid reaction to the major disappointment by the BOJ, but traders really want to move assets up, and the Yen is their best friend.
Ergo, the next level to watch is 95 in the cross, once the Yen breaks above 91 with strength. We haven`t had a legitimate selloff yet, so let us see how this cross reacts at the first sign of selling in the market. A lot of stops could get hit on the unwind of this trade on any major market sell-off of 4 days in length with a couple of 100 point Dow down days thrown in the mix.
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