Subtle Changes

To make money, you have to see what the crowd missed.

There are subtle changes underway, here are a few- they aren't bullish.

 High Yield Credit is the usually the choice of traders when looking to express a bullish opinion, it's significant that its down today vs the SPX, but more so that it didn't mov at 2 pm today.

The $AUD as a leading indicator among currencies, dropped exactly at 2 pm.

  This doesn't look like much, but remember the Euro analysis yesterday to see which way the market would open today? At 2 pm exactly the Euro dropped, which means the $USD gained, that's not bullish for the market/risk assets.

 Here's the 3C chart (2 min) for FXE/Euro, not looking too good there is it?

 migrtion to the 3 min chart, considering it has only been 1.5 hours, this is on track.

 The $USD after falling all day jumps up even a bit, EXACTLY at 2 pm.

 $USD 5 min 3C chart, relative positive on the open, leading positive in the afternoon.

GLD, no matter what price is doing, the 3 min chart keeps digging lower in a leading negative divergence, the 10 min chart is starting to lead down too, almost every timeframe on a trend basis is already negative.  I'll gladly hold GLL.