While there's a lot of bad news out there, Japanese markets were moving so fast to the upside it made the SPX look range bound and now in 8 trading days they are near what the media consider to be a bear market with nearly a 20% decline.
The Turkish stock market
which was up 90% since the start of 2012 and almost 20% this year, closed down today 10+% for the biggest drop in 10 years.
US ISM came in this morning at 10 a.m. at a contractionary reading of 49 from last of 50.7 and expectations of a 51 print (anything below 50 is contraction.
Yet we have the SPY now also leading positive or starting to any way.
SPY
And as the USD/JPY is now probing the $99 level, there's a positive divergence there that is actually moving higher as the pair moves lower and well below the line in the sand at $100.
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