04.18 0500 Market Update: Cue the Pump Monkeys, OPEC panic Fading

by John Galt
April 18, 2016 05:00 ET

Last night’s Asian session was interesting as the Japanese earthquakes and OPEC disaster in Doha provided the deflationary double whammy which scared investors out of Tokyo and Shanghai with sizable drops in those markets(charts via YahooFinance):

With a 3.4% drop that was pretty nasty. Shanghai was down 1.44%:

Meanwhile, US equity futures have recovered substantially since last night’s initial fall as the central bankers began intervening when Europe opened:

 

With Europe beginning to recover and crude oil prices pausing in their declines not only down 3.3% versus the 6% drop last night, we can all sleep tight again knowing that Janet and the ECB cartel have our backs to pump up worthless equities to higher prices on no fundamentals or economic growth behind them.

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