Market Update

Often on the cash market open we see futures reverse direction suddenly, as I said in the a.m. update Index futures were pretty much net/net flat, but the $USDX had been seeing profit taking all night, that is the asset that flipped 180 degrees on the cash open and moved higher, taking gold, silver, oil and natural gas down with it while equities look, for the most part, flat.

$USDX reversal...

While the averages are pretty much flat right now, I suspect they move to the upside intraday shortly, this doesn't look to be a strong trending move, just like someone is putting a lever under them via vix, everything else is flat.

For instance...

 NYSE TICK intraday has been in an extremely flat, narrow range of +/- 500 all morning.

This is the longer term 30 year yield vs SPX

This is last week's move in the 30 year down and...

 This is intraday, pretty much in line, fir now...


 HYG longer term

HYG intraday, again, flat or inline.

 This is what stands out, VXX pushed well below its correlation with SPX.

And Spot VIX as well, someone seems to be using a short term (intraday likely) lever, so lets see what happens. I'll have some other charts up s well in a few minutes.