File Under "Brief Insightful Glimpses of Market Action"

That's from a quote from one of my favorite technicians, a guy that really thinks for himself and said (paraphrased) that, "The most insightful things we can learn about the market are usually in fleeting glimpses or market action".

Interestingly as I featured earlier today, Treasuries which are a safe haven trade and trade opposite of the market, are showing unusual resilience here.

If there's a risk on trade in equities, that is largely financed by moving to a risk off trade in treasuries, however as equities are close to their intraday high (green arrows) treasuries (the safe haven trade or insurance against a decline) are also near their intraday highs instead of near the intraday lows where the correlation says they should be and they are quite a distance from those intraday lows, so apparently the treasury longs and how often have you bought treasuries (which are more of an institutional trade) are unwilling to let go of those positions.