Specifically it was the pivot to Russia for funding or rather the threat, but the one I didn't see coming was the additional threat of funding from China. It is said the EU is working frantically on a bridge loan to ward off this possibility, although likely a trial balloon , it was enough to get some risk in the market, although this hasn't been confirmed officially and some have even denied it, Greece knows how to p;lay chicken.
Now what will be interesting is to see what VXX does with the downtick it looked to be trying to create yesterday, accumulation? I suspect we will see accumulation in VXX and likely TLT.
Here's the ramp up on the news, although not as enthusiastic as you might expect...
There are already some negative signs in NQ and TF and USD/JPY which lifted Index futures has a negative divergence in it, although because of the sudden fundamental nature of the news, it's not surprising.
Like yesterday, TLT, HYG and VXX will tell us how close we are to making a turn lower, at least today should be much more exciting than yesterday.
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