Market Update - Craziness

Once in a while we get in to a muddy area when underlying trade is difficult to pick out, it usually doesn't last more than a day, today started (after the 10 a.m. run) as more of an "unsure" or unconfirmed day, but over the last hour or maybe 2, it's as if something completely unknown publicly is being discounted by half of smart money while the other half goes on with what they were doing.

It has just gotten harder to make sense of as the afternoon session comes to a close, perhaps near the close where the pros are trading we'll see something useful, but there's so much dispersion as we have talked about recently regarding the averages themselves, but this is kind of everywhere.

I checked leading indicators to see if I could get a sense there, Sentiment was in line with price today then at the 1:30 low and subsequent bounce, sentiment failed to follow the market, staying more negative. VXX also shows more weakness in that area, however it's possible with the downdraft that some longs were closed and the corresponding VIX hedges were closed with them, this isn't significant activity, but it's in the mix.

HY Credit also was in line with price, but refused to follow it north after the 1:30-ish lows.

I thought maybe the choppiness in EUR/JPY might have something to do with it and it might, but I don't know if that's it by itself.

I'm still looking around, but as I said, it's as if one half of the market is discounting something the other half doesn't know about.

For now I'm not making any changes to any positions without a clear reason to support that change, I'm going to have to assume this is just one of those days we get once in a while that is just sloppy.