As we wait for the Bureau of Economic Analysis to release its revisions to GDP going back to 2013 at 8:30 am EDT, the stock markets are looking at point of inflection.
While the yen is cratering against other currencies as the Japanese central banker Kuroda nixed the idea of issuing additional QE or helicopter money.
In the past I have pointed out in the past, when the yen weakens, global equities suffer as the yen carry trade suffers. Buying stocks in yen is the favorite trade as you use the weakness to build bigger positions.
Well, on Friday the yen was cratering nearly 2% yet US futures indices are only down fractionally. Understanding of course Friday is also the end of the month trading, which is usually a window-dressing session for end-of-the-month statements.
We could also say there may be some intervention by other central banks into the futures market as well.
Because if you look at past moves of yen weakness of this level, Dow futures should be down 150 points as the least.