Risk Asset Layout

Again I hate to keep putting an up front disclaimer on all charts, but it's just reality, it doesn't mean the information isn't solid, it just means there are a lot of moving parts today that could have an influence one way or the other or perhaps no meaningful influence.

When I see a chart like AAPL fall apart that bad, that quick and start to meet the expectations that were laid out back when we first saw the accumulation and knew it was going higher, that' hard to ignore.

 Commodities may very well be part of this as I had to recapture this chart that was in line and then 5 mins later commods were stronger than the SPX.

 Yields are not looking good for the market on the day, there is a little momentum toward the end of day to the upside which may be related to my last post.

 The $AUD also isn't looking good overall recently, since QE3.

 The Euro also has lost momentum vs the SPX as it disconnects from the relationship since QE3.

 Finally High Yield Corp. Credit is making a move lower and it come the day after the roll, it seems like longs in CDS decided to take their $ and call it a day.

 High Yield Junk Credit is also finally making that move lower and well out of sync with the SPX.

 Sector rotation for anyone interested for today, the obvious theme has been defensive sectors and Tech leaking off with AAPL.

 Energy over the course of several days is disconnected, but as mentioned yesterday as the USO short was covered, there's some momentum there and you can see it today at the green arrow.

 Financials are not acting well, they certainly aren't leading.

Tech and specifically the notch down at the time AAPL topped earlier.