Quick Update

Probably the most significant thing this morning is the break of USD/JPY exactly at 10 a.m. which was a move that gapped down during regular hours that looks specifically like a run on the stops, $100 was the maginot line for the pair and the gap from 100.09 to 99.73 was a swift move that looks to have been run in under a minute.

This of course is an important area for the USD/JPY, but again it's early and this is the time to play any games if they are in fact games.

For the most part I've been surprised that nearly everything has stayed in line with 3C rather than any leading negative or any kind of negative divergences, we even have a little of that lateral / rounding that I talked about in last night's post as any kind of a reversal is 99% of the time, a process rather than an event.

Certain issues actually have some positive 3C momentum starting, GOOG would be one which has the 3C positive momentum in to a flat range since about 9:35 after the initial sell orders went through as expected.

Speaking of sell orders, I still can't get a fill on the XLF Puts, the order is acting like a limit rather than a market.

The other thing that stands out is almost anywhere I look from equities to Index futures to currencies, almost everything is almost perfectly in line, almost a balance, not negative, not positive except in a few instances, but if I looked around enough I'm sure I could find a few instances of some leading negatives as well, it's very eery actually.

GLD and USO (as shown last night with a strong positive divergence) are both up on Friday's new call positions on both.

I'll let you know of course if there's anything else that jumps out or as soon as the character of the market changes, it almost looks forced right now.