The closing information will be more meaningful, but I've been meaning to look at this all day after High Yield's ugly day yesterday.
Commodities are underperforming today, I think it's pretty clear this is QE disappointment as commodities gain a lot from QE-this the intense inflationary pressures that were squeezing manufacturers' margins during QE and why the F_E_D needs inflation under control before launching another program, this doesn't tell us much except the QE crowd was disappointed.
I'm happy to see High Yield Credit acting better today, we'll see at the close, but thus far it moved up today and stayed in a range despite the SPX selling off EOD.
Yields don't look horrible, but they're also not giving us much to go on.
Their market closed before the SPX sell-off EOD, it would have been valuable to see how yields reacted EOD.
The Euro vs. SPX looks about in line... but look closer.
Thus far the Euro is holding up better than the SPX relatively when comparing the intraday lows.
Even at the SPX EOD sell off the Euro is acting better, we'll see what it looks like at the close.
High Yield Corp. Credit looks to be in line, no negative divergences.
Again, a closer look reveals what is thus far an intraday afternoon uptrend that is holding in to the SPX move lower, that would be bullish if it held.
Sectors saw rotation , Defensive sectors came back in a little, not a huge amount, Tech rotated out, Financials held pretty well, Basic Materials and Industrials rotated in.
Not horrible, we'll see on a closing basis.
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