For ages now, it seemed that the USD/JPY cross-rate and the S&P 500 were linked at the hip due to the carry-trade. Day after day, hour after hour, tick after tick, they moved together with such harmony that it seemed to be unnecessary to even have two markets. Of course, now that USD/JPY is moving in a direction that should drag the ES down, there’s a monstrous divergence. The cross-rate is down nearly half a percent now, whereas the ES is up nearly two-thirds of a percent. Lucky, lucky us. Grrrrrrrrrr………
