Markets are worried about the idea that central banks have used up all available tools to keep rates low, and from current levels we may start to see them rise. The bond markets have sold off from the 30yr to 10yr Treasury’s, Bunds, etc. Global equities haven’t taken this idea well, and over the last few sessions the SPX (and other indexes) have been down quite aggressively.

Over the last year, I have been looking for a market where the USD/JPY stops selling off when US equities move lower. What you may notice below is that the SPX (blue line) has been moving lower the last couple weeks and the USD/JPY is holding well above 100.00: Read more