HYG-As suspected

The last several days after HYG (High Yield Credit and one of the 3 levers for the SPY Arbitrage model) has been down severely, it has seen low level accumulation-moving the asset type, not buying of HYG for investment, more or less, using it as a lever.

Take a look at HYG vs the SPY

 HYG (green) vs SPY (red) 1 min chart

TLT-a flight to safety and VXX-a flight to protection have also been under accumulation, but I've figured for days now HYG was to be used in some manner to either run up the SPY or to put off strength in TLT and / or VXX.

VXX green is down, while TLT and HYG are up, a very mixed message at best, but one 3C has said to expect.

Now to see which way each goes in underlying trade, but HYG is the lever used this morning quite obviously.