POSSIBLE EARLY HINT

Given yesterday's IWM attempts to start an intraday positive divegrence (essentially a bounce, but when I say bounce I don't mean anything other than the garden variety , normal market movement as it doesn't move in linear fashion) as well as the Dominant Price/Volume theme among the component stocks of the major averages, I wonder if HYG is giving us an early hint of what we may see today, which may be the market attempting to put together an intraday positive divegrence for that normal bounce. Even in the ugliest of bear markets there are typically more or as many up days as down days, the down days are just much larger.

HYG on the open...

 HYG is one of 3 assets (TLT and VXX being the other two) that form the manipulative intraday SPY Arbitrage which can be used as a lever to move markets for a short period of time. With both TLT and VXX gapping up, is HYG perhaps trying to mitigate those moves as well as the one below?

USD/JPY falling more on the open and just prior? 

The market would typically need more of a lateral trend to put together an intraday positive divegrence, HYG up with TLT and VXX falling activates the SPY Arbitrage, of course if USD/JPY just keeps selling (you saw the correlation with Es in the A.M. Update), it may all be for nothing. This is a very early presumption, but I found the move in HYG to be odd all things considered.