Credit...

As you know, the last few weeks, movements in CREDIT have been exceptionally important to me, I'd say there's a 95% chance that CREDIT WILL LEAD THE STOCK MARKET.

So why is credit not buying the overnight / a.m. rally? Job done perhaps?

 This is High Yield Junk Credit which use to (until a month or so ago) trade almost as a spitting image of HYG, sometimes you couldn't tell them apart, but Junk has been headed down long before HYG as it is not an arbitrage asset and there are no ulterior motives to supporting it to support the market, nevertheless, it's down lower on the open today.

 HY Credit is still in a range, but looking very much like it will fall lower , plus it did NOT follow stocks this morning.

The biggest indication thus far this morning and maybe over the past few weeks, HYG fell and did not recover at all with stocks this morning, this is not good for the market although few realize how understated those words are.

Keep an eye on Credit, it's a much larger, much smarter market and it will almost certainly lead equities as it has done about 95% of the time in the past.