Risk Basket

 Commodities are finally breaking down vs the S&P.

 FCX is moving lower, this is what we want to see, I know some of you have already entered a short there.

 Here's FCX vs the Dow Jones Copper Index, as you can see copper is down again today.

 The market's frothiness compared to the Euro is being sorted out today.

 On a longer term basis, the S&P has a wide dislocation from the Euro correlation and plenty of room to fall.

High Yield Corporates are selling off in tandem with the market, remember yesterday credit was warning.