Who Was Lying?

We wondered in a post this morning whether USD or some anti-USD markets were off base as all items were firm. Answer: Uncle Buck had stepped off sides and afoul of the Powell rate jawbone.

While not a bull by any means beyond the bounce situation, I am long the 3 items in the lower panels. I was already long ACXW and AAXJ, and added EEM today.

We’ve been tracking these and other ‘vs. SPY’ relationships in NFTRH each week. They’ve been constructive for going on a month now. With the implied waning of support for Uncle Buck I wonder if they might continue to improve.

Normally I am very wary of the immediate aftermath of a big macro jawbone, but in this case it was a big macro fundamental jawbone. In other words, it meant something, unlike most jawbones.

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