Besides crude oil, there actually is one other market which has been relatively steady, and that is the cross-rate USD/JPY. There was a time not long ago that US equities and the yen were utterly joined at the hip. For instance, as I’m typing this, the USD/JPY is down 1.33%. In the before-time, that would have meant the ES would be down, oh, about 27 points or so right now.
What is the ES doing? Oh, it’s unchanged. All the same, the yen is still our friend:
As for oil, I’m delighted to see it has banged out another red bar so far, and it has sliced through yet another retracement level. I found this chart from our friends at ZeroHedge quite interesting, which shows this year’s crude performance aping last year’s quite closely:
