How smart is smart money?

Today's slide deck: https://bit.ly/2ysrb1U  
Today we note the interesting pattern of steep sell-offs into the close in US equities and wonder at the source of this selling, even as the subsequent action always seems to yield to dip-buying. A few interesting FX stories in the mix with Norway's central bank's announcement today and TRY and BRL running to new all time lows. Much more on the call. Today with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy on FX.