Leading Indicators-Someone Knows Something

Lets just jump right in, very interesting...

(*Leading Indicators are always compared to the SPX in green unless otherwise noted)

 This is HYG, High Yield Credit, yesterday I wasn't surprised it wasn't up as it may have effected the arbitrage, but I was surprised (well it fit with my expectations) that the illiquid High Yield Credit was up vs the SPX, today HYG, the much more liquid Institutional risk on asset is up and it's not because of the SPY Arbitrage.

 The SPY Arb. makes it clear HYG is not up because of that, that leaves on reason why HYG would be green today as it always leads equities.

HIO the sentiment for risk on or off as it is not correlated to the market was flat yesterday instead of down, it's up today.

 FCT was up yesterday, today its up even more.

And the recent FCT trend since the 3rd (in blue), it seems there's some institutional appetite for risk assets, I'll show you another measure in a second.

Most surprising because it is so illiquid so it usually is the first mover, HY credit is up again today even higher.

As far as risk assets, the CONTEXT ES model had a 20+ point positive model just a bit ago, it's delayed by 30 mins so I don't know what it is now, the last was around 10 ES points higher, which means risk assets that institutional money use are higher than and the model is showing it.

It seems someone knows something and has known it for the better part of this week.