FX Correlation

 Commodities are not playing along today with the SPX, instead they are following the FX correlation that equities normally observe to a large extent.

 Earlier the market was pretty much in line with the EUR/USD pair as is normally the case, today it is way off.

Long term the correlation from September through October has totally broken down (Euro in red).

Typically the correlation equals 1 pip move in the EUR/USD= 2 Dow points in the same direction. This would be a VERY severe dislocation.