Follow Dollar/Yen

As goes USD/JPY so may SPX. From the bottom in November of 2012 the two have been in lockstep. But now that Helicopter Ben decided to burn the dollars again, he may throw some carry trades under the bus, SPX included. Fed Chairman may be surprised at the eventual outcome of his dovish stance (earlier today). The market is celebrating QE4Ever tonight. But after the dust settles, market participants may finally concentrate their attention on the main reason for Chairman's dovishness - his fear that rapidly rising interest rates will choke the slow economic growth.

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