Didn't Add Today

I didn't add today, I'm leaving the option open in case we get higher prices.

The credit indicators and risk basket with the exception of commodities which seems to be up on crude/mid-east tensions today, remain weak.

 The market is still trading well above the Euro correlation providing a dislocation that should revert back to the mean or even overshoot on the downside.

 High Yield Credit is what I am mainly interested in and it has been trending lower since yesterday, despite the S&P creating a divergence/dislocation.

 This is the XLF compared to the S&P-it is not the momentum indicator, clearly financials are struggling as they have not been able to surpass yesterday's opening highs, while the S&P which has significant financial exposure has broken above yesterday's opening highs.


Rates are also key, the market gravitates toward them so the downtrend of the last two days is encouraging for adding shorts in a market that is clearly dislocated and seemingly becoming more so.