Correlated Factors

According to CONTEXT, there was overnight asset pricing that helped ES this morning, that if fading off, the SPY Arb. Model is also washed out, I do see some usage of yields, maybe a little credit, but not like earlier in the week, I don't think the credit markets want the over-the-weekend risk and there's some EUR correlation, not as tight as recent days.

I don't like the intraday SPY chart, but as mentioned in the last post, it is at the first resistance zone, other averages such as the NDX and R2K are holding up well INTRADAY, so it's early, I thin there's still a good probability of some higher prices, but it should be a choppy ride.

 CONTEXT for ES overnight shows risk assets were tracking ahead of ES, that started to wind down as ES started moving up.

The SPY Arb. is flipped, risk assets right now are not helping the SPY, that of corse can change several times a day, but my gut feel is that toward the end of the day, risk assets are going to sell off more and more unless there is some grand solution from the EU before the close, which of course is always to be faded as they never work.