Last night, I was intrigued to see that, in spite of the USD/JPY powering to lifetime highs again, the ES had simply stopped caring. For the longest time, as long as the Japanese Yen kept heading toward toilet paper status, U.S. equities kept surging, thanks to the flood of carry trade money. and yet as USD/JPY roared toward 119, the ES rolled its eyes and remained in the red.

I was pleased this morning to look at the USD/JPY (even before I bothered with the ES) and saw it virtually unchanged. I swiftly changed charts to the ES, and sure enough, it was down 8. Huzzah! So with ES, NQ, and YM all solidly in the red right now, we’ve got a good, solid chance of not having every single index known to man close at a lifetime high again today.



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