We're Green Across the Board

The S&P 500 is now 100 points from our target of 6,000. And yet... people still don't understand how or why this could happen.

Futures pushed higher again. Tech stocks are leading after Netflix's blockbuster earnings. The streaming giant's surprise subscriber growth is helping to reignite investor appetite for high-growth tech. To understand how these names keep going higher, we need to look 6,700 miles to the east in Tokyo, where the yen has once again slid past 150 per USD, fueling this risk-on sentiment.

With Japanese officials holding a dovish stance, we're witnessing a full-blown revival of the yen carry trade. Investors borrow cheap yen and convert it into dollars, which find their way into risk assets, further boosting tech stocks and pushing gold to new highs. As the VIX retreats to 19, Japan's monetary bazooka is aimed squarely at China, daring a response. The question now is: how long can this liquidity-fueled rally continue before someone finally blinks?

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