Parabolic Rise/Parabolic Failure

The EUR/JPY parabolic move is just a symptom, but a telling one, it's has been weeks in the making, but sure and steady we've seen EUR/JPY either not as effective to downright 180 degrees off correlation and ineffective like this morning as a ramp in stocks was attempted with the pair, to no avail, again, another change in character and an important one.

 I would say the thinking here is "Why pay to try to ramp the carry pair when it's not working?"

ES/SPX futures at the same time.

Remember last week I said that strong NFP print would catch up with the market, it was just obvious they had spent half the week trying to inoculate the market from Friday (HYG/VIX , activity, etc.).

Remember one of the F_E_D's concerns with a taper was the uncertainty with a looming government shutdown, a budget deal takes that uncertainty off the table and that which everyone thought would ramp the market had the opposite effect, but it could have gone either way, in my view the most effective way to decide which way it will go is the probabilities and you know where they stand, that's the bias in the market despite short term lever pulling manipulations.

It's still early in the day though so keep an eye out.

Thus far Gold, GDX/NUGT and USO are all pulling back as planned, yesterday's DUST long is up.