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With nary a dovish word uttered, the end of Janet Yellen’s testimony to Congress sparked a buying frenzy in USDJPY (and implicitly S&P 500 futures) sending both to post-Trump highs. At the same time, Dec rate hike odds shifted higher still sending the USD index to fresh 13.5 year highs…
Stocks and Yen carry surged…
But notably VIX spiked after the surge…
As Dollar Index jumped to new cycle highs…
Retracing almost exactly 61.8% of the big drop post 2000…
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