$USD

The $USD is starting to move down from the early/pre-market spike up. Normally the market would head up on the correlation, but we've already seen the market/USD not responding to that correlation.

Mu initial guess is the $USD is showing a bit more price (not underlying) strength because of the US economic data coming in better than expected on thee whole today. Normally this would send the market lower by itself because of the F_E_D and QE3, however, if we are indeed at the start of the market move up that I have expected, then the $USD moving up on good economic data makes sense and the failure of the market to respond with a move lower would also make sense, it doesn't mean the correlation is broken, it just means both assets are temporarily moving according to different agendas or market forces (the USD responding favorably to good economic data and the market holding in a lateral position rather than dropping as it "seems" to be starting its run to the upside.

We will see shortly if the current dip lower in the $USD has legs and if the market will take advantage of that or at least intraday underlying trade will start to prime prices for a move higher.