I expected that because smart money didn't sell off positions Friday or in to yesterday's strength, that they wouldn't need to and wouldn't want to do much more accumulating for the same reason I didn't, I don't want to be too top heavy on the long side when the music stops and it's time to tact the boat.
That makes it REALLY difficult to judge the reversal point as they aren't going to sink much in ($ I mean), but rather let retail do the work. Still they need some arbitrage assets to spark the move.
The USD/JPY on the upside is one, it hasn't been giving any signals other than in line, but the $USDX is giving a stronger positive, the JPY looks like it "could" be setting up for a negative.
HYG as I showed earlier looked like it was used real quick along with TLT to turn the SPY back down as it was starting to run up a bit too high and no wonder, look at the orders they hit on that run.
HYG is starting what looks like it "could" be a strong divergence, but it looks like it needs at least a couple of swings sideways, TLT is relative negative up to 5 min and both TLT and VXX didn't respond to the upside anything like they should have with the SPX move like that.
I think watching the NYSE 1-5 min TICK chart's trend will be important (draw trenlines around the channel for today) and look for a stronger TICK move above that channel-
It actually looks like USD/JPY may FINALLY be giving a positive signal instead of inline as it has been all day.
5 years ago
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