Credit/ R.A./Sector Rotation

First off, a White House aide has refuted the earlier story of a release of the SPR which sent crude down $2.00 in minutes. I'm running a scan for some individual stocks right now so in the meantime, here's the Credit/Risk Asset/Sector rotation charts.

 Commodities are underperforming intraday, but not by a lot as metals and PM's have seen some gains (GLD/SLV/Copper).

 This intraday action is still no where near enough to put Commodities in a risk on mode and are lagging the market bounce badly.

 High Yield Credit is selling off for the second day, diverging with the SPX.

 High Yield Corp. Credit is doing the same

 Here's Energy vs the SPX today, clearly lagging, but not the worst of the 3 pillars.

 Financials have been in line, since capturing this though they are starting to diverge away from the market.

 Of the 3 main industry groups,  the biggest laggard is technology, which may have something to do with the chart below...

 AAPL's 6th test of support at yesterday's close

Sector rotation appears to be a non-event, financials are strong at the bottom as you would expect from the chart above, Tech is falling off as you would expect from the chart above. There's good performance in Industrials today which you might substitute with the words, "Large Cap". Although there doesn't appear to be anything particularly exciting about this chart, I've seen these enough times to venture a guess that Utilities , Healthcare and Staples (all defensive plays) will start raotating in some time today.