Shorts are feeling the heat on Wall Street as bank stocks experience a continue short-covering rally. An 11% rally in crude is spurring oil stocks and the index are seeing covering as well. The S&P is up 4.25% with 10 minutes to go. Bear market rallies are the most vicious kind.
EUR/USD continues to grind higher, now at 1.2930. EUR/CHF is at session high at 1.5309 and EUR/JPY is consolidating above 126.10 but lagging the pace as USD/JPY starts to give ground, now at 126.18. USD/JPY has eased to 97.55.
