It Survived the Winter

Considering the sharp rally in "risk on" assets since February, it is interesting to see the early-2016 strength in the safe haven Japanese Yen currency survive through the rest of the winter months. 

That resilience out of the Yen is on full display today, with the FXY ETF, below on the weekly timeframe, attempting a breakout from the sideways consolidation since February. While it is true that Japanese equities have felt the heat from a stronger Yen, U.S. equities have remained aloof to it, for now. 

But if the Yen strength continues into Memorial Day, it is hard to see how stocks here can remain obvious, beyond what crude oil does. 

As for stocks today, some biotechs are outperforming again amid sluggish bounce attempts on the indices intraday. I will cover that topic and plenty of ideas for Members in my usual Midday Video.