Risk Assets/Leading Indicators

This is probably one of the reasons I'm not moving quickly to complete add-to positions, I think the divergences will and should look worse. They look pretty bad considering there was virtually nothing there this morning other than a very early divergence that had nothing to do with this process.

As far as Leading Indicators, they too have me a bit relaxed and not running around trying to fill out positions. HYG credit is moving higher, I'm guessing it's a short squeeze, Junk credit is doing the same, I don't know what the short interest was there, but it tends to track High Yield Corporate credit. High Yield is hanging with the market, it's not positive or negative. I don't see much in currencies right now that are that much worse than the earlier update, the only thing I see that has deteriorated materially would be Yields which are diverging negatively with the SPX and pretty bad for a quick move. Yields tend to act like a magnet for stocks, but even Yields could and probably should move lower.