Last Market Update of the Year

And why not end it with the same garbage they've been pulling all year, except in this case, on this kind of volume, this is REALLY pathetic, no wonder VIX futures are being accumulated so heavily.

So the last update I said "I think I thought I saw and End of Day ramp coming..."

That was based on the VXX intraday action which now looks like this.

intraday negative at the afternoon session

However, they got fancy  or desperate and threw HYG in there too.

 HYG recent positive

Which creates an arbitrage for about the only traders still operating, non-carbon based...

Allowing the SPY to do this, even though it's leading negative in to the afternoon.

I'm seeing TICK pick up a bit, but it has been super thin as you'd expect.

Index futures broadly have all deteriorated whether that be 1 min or 5 min charts today. Speaking of which, I see ES just made the afternoon ramp high.

Sentiment is BROADLY down. VXX is easily outperforming the SPX correlation and High Yield Credit, well it could care less what the market does this afternoon, it's not going along for the ride. In fact, the last several days it's been headed in the opposite direction and that's just several days, larger scale it is very dislocated from the SPX.

Guess what, none of the carry pairs are moving the market either, not the EUR/JPY, USD/JPY or AUD/JPY.


In fact everything you need to know about the late afternoon ramp can be found on these two charts.

 1 min manipulation

5 min accumulation.

Even Spot VIX looks to close green, all I can say is FARCE and Happy New Year!

I'll likely have something on internals before Thursday's open, although it likely won't be worth much.