Ridiculous

If this isn't a tale of two cities, I don't know what is, but I'm glad to see it.

 SPY Arbitrage which is the intraday lever of manipulation bu sending TLT and/or VXX lower and HYG higher or TLT/VXX can stay the same and HYG higher, there are a number of combinations, the point is the lever is being pulled to support the market.

At the very same time, institutional risk assets that retail doesn't trade are telling us something else, something "Big picture"

Context for SPX futures is negative 45 ES points!