Goldman Strikes Again

What was it, the weekend that Goldman said to buy Nikkei futures in front of the BOJ release overnight last night, expecting them to firm up their stance on QE and give the market confidence, well they didn't, apparently Kuroda seemingly doesn't have confidence, this led to the plunge in the USD/JPY with the USD falling from $99 to $96.50 earlier this a.m. which = a 2.3% run up in the Yen or the biggest surge in 3 years, just as the USD/JP charts showed us last night.

 As of last night's post the Yen had moved up a lot, later around 3 a.m. it moved up a lot more sending the USD/JPT (risk driver) down ....

Yen 5 min

The USD/JPY 1 min down and then DOOOOWWWNNN sending futures....

DOWN. We expected this move, not quite so soon in the overnight session, but by this morning, so here we are, yesterday's trades worth something after all.

I'd be looking for early upside momentum/bounce, I'm not sure we are right there and ready, but it should come and then resume to the downside, we'll see what momentum looks like as far as option trades.

More on Europe shortly.