Today’s big reversal to the upside in stocks across the board can be explained with three letters: O, I, and L. As I’m typing this, crude is up over 5%. Of course, market pundits love oil, because they use it to explain equity strength irrespective of direction. If oil is up, then that shows the economy is strengthening. If oil is down, that’s great, because it’s like a tax cut for everyone. Sheesh.

Anyway, one of the few domains where I’ve been steadfastly bullish is, of all things, the Japanese Yen. That’s continuing to go well, although it’s too bad the collapse of the USD/JPY hasn’t been reflected in stocks as well.