Friday, October 3, 2014
Now where's that fear again?
It's broken below its governing EMA on news of fuck I dunno what.
It's still only at the EMA(14) right now, so we still don't know if the fear is done. But HYG is also looking healthy again:
And all this despite the US dollar still flying upwards today:
So I guess suddenly the market's no longer worried about the Pimco outflows or an Ebola pandemic on American soil or the Ukrainian civil war or an impending massacre in Hong Kong or the fight against the Islamic State or the fucking Rage Virus or whatever.
The hard drop in the Nikkei on Wednesday and Thursday seemed really stupid, so I guess that was the bell that rang the bottom.
So the party's back on.
Um, except of course for the PMs and miners, who are taking an impressive barrage of bumloving in the poopchute today. God, it must really suck to take a new position in a PM miner just to see it drop 25% in a month!