Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / by Tyler Durden / 04/12/2016 06:54 -0400
In recent days, we have observed a distinct trading pattern: a ramp early in the US morning, usually triggered by some aggressive momentum ignition, such as today’s unexplained pump then dump in the EURUSD…
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… with stocks rising after the European open, rising throughout the US open, then peaking around the time the US closed at which point it is all downhill for the illiquid market.
So far today, the pattern has held, and after trading flat for most of the overnight session, with Europe initially in the red perhaps on disappointment about the Italy bank bailout fund, a bout of early Europe-open associated buying pushed US futures up, following the first rebound in the USDJPY after 7 days of declines which also helped the Nikkei close 1.1% higher (even though as BBG notes, investors in the options markets don’t seem to share enthusiasm that the USDJPY will rebound as the premium for USD/JPY puts over calls is 164 bps versus 161 bps yesterday; has climbed about 94 bps in favor of puts in just this month).
Oil, likewise, has continued to climb and earlier hit new 2016 highs when WTI rose just 9 cents shy of $41 on the same recurring catalyst: the Doha OPEC meeting (where even Russia admitted yesterday nothing will happen), and hopes shale production will contract even as many companies reactivate DUCs and quite the opposite may in fact happen.
The post Futures Rebound On Weaker Yen; Oil Hits 2016 Highs appeared first on Silver For The People.
Thanks to BrotherJohnF