There’s some talk today that the weak-dollar/long-stocks trade is off for the moment.
But that only makes sense if you just woke up, and are looking at things as though the market starts at 9:30 AM, which is officially hilarious in this day and age.
Perhaps these two charts will disabuse you of that:
First, S&P futures overnight. Note the big jump around 3.
And now, the dollar over night. Note the beginning of the drop right around the same time.
The dollar-correlation trade. It’s on!
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