A few choice words to sum up today's markets; STRANGE, STRANGE, STRANGE; which all that really means is TYPICAL.

At 11:30AM EST, traders made a mad dash to bargain hunt for risk in the FX Markets.  Here's a snap shot of how it all went down:

USD PAIRS

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EURUSD

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Source: FXCM

AUDUSD

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Source: FXCM

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All carry traded currencies, paired against JPY, were up over 1% today thanks to YEN weakness:

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width=251 Look for more upward follow through overnight, in both the ASIAN and EUROPEAN sessions, with the JPY pairs listed above. 

INTERMARKET ANALYSIS:

                It seems like both US equities and Commodities followed the FX markets, or did FX follow equities and commodities..??  Personal opinion favors FX leading the way.  S&P finished flat for the day at 1328 but not before hitting a low of 1319 at around, you guessed it, 11:30.  Oil ended flat as well at 97 but hit a low of 95 at 11:30.