"Victory" This morning's USDJPY 102 stick-save was just the momentum ignition required to send the Russell 2000 and S&P 500 to critical 'unchanged' levels... "Mission Accomplished"... The Dow and Trannies remain down over 2% as the Nasdaq leads the way up 2.4% on the year. It would seem that despite 'economists' proclamations that the terrible maco data is 'weather' driven (and this transitory), they are also seeing it as bad news... which is - in our new normal - great news for liquidity-fueled bubbles (which the Fed will remind us later in the Minutes do not exist). US Macro data has plunged to six-month lows.

USDJPY started the ball rolling...

The S&P and Russell 2000 have reached all the way back to Unch year-to-date

US Macro data has collapsed to its worst in 6 months...