It might feel like the Japanese yen carry trade blew up 100 years ago, but trust me - it’s only been a week or so since the dam broke.
If it feels longer than that, it’s because stocks have managed to squeeze much higher from last week’s yen-induced lows; short-sighted traders have already forgotten.
This near-term amnesia remains a potential catalyst for another downside reversal.
So does tomorrow’s CPI report.
That’s not to say another selloff is guaranteed - the bears are playing defense now and the longer this rally goes on, the greater the likelihood the recent selloff will stay in the rearview mirror.
We’re certainly seeing leadership from the right sectors - take a look…