Market Update

I'm still not seeing the short term distribution in to GOOG's run higher. There are obvious divergences as we should see in to strength, but looking at the Risk layout, I'm not seeing the kind of divergences in Credit and yields that have marked the end of a bounce in the market.

Usually when you see it, it's pretty obvious and while there's been strong deterioration, I'm not seeing that obvious set of signals that says this run is done.

We are seeing a lot of talk about how strong this bounce is and it should be with volatility up as much as it is, this was the point of the bounce.

Bottom line, I'm not convinced this is done. I am convinced it is unravelling, but not convinced it is done.