Japanese Yen Steady Despite 10-Yr Tankan High, USD/JPY Tiring

The large manufacturing Index hit 22, its highest level since September 2007 and well above the 18 print expected. The large manufacturing outlook index hit 19, again well above the expected outcome which was 16. Small manufacturing also did well with output there at its best level since 2006. The survey wasn’t quite all good news though, with a few outlook indexes missing forecasts and planned capital expenditure doing likewise. That said it...

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Will Dow and VIX Continue to Defy Seasonal Norms in Q4?

Typically, the end of the quarter is marked by rebalancing and easing on excessive, one-sided exposure. That wasn't the case through the close of the third quarter this past week. Already pushing a record high, US equities furthered their charge before the week, month and quarterly end. Perhaps the most remarkable performance comes on behalf of the S&P 500 which not only charged a record high into the close but generally closed out its eighth...

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