Risk Asset Update

I usually don't look at these indicators this early, but I wanted to get a baseline for later.

 Commodities are definitely not in line with the SPX this a.m. as they fall off


 Although commodities have been warning longer than just today as a risk asset.

 High Yield Credit is also not moving with the market in early action

 HY Credit also had been warning over the last week

 Yields also are not moving with even the SPX

 They also were leading the warning over the last week or so.

 The Euro which is usually well correlated with the SPX is not in sync either this morning.

 There's also been a longer term dislocation over the last week, despite the Draghi effect.

 HY Corp credit is lagging momentum wise as well this a.m.

 HY Corp. credit was one of the last to dislocate, but it did yesterday.

 As for Industry group momentum in the big 3, Energy is falling off this a.m.

 Financials are also losing momentum

 Tech is the one leader as we see in the NASDAQ 100, but that was starting to look suspicious.

As for sector rotation, most risk asset industries are off this a.m., even the safe haven industries are off, only Tech and Discretionary are showing any reasonable momentum early on.