It appears the early (pre-market) strength in US equities provided just the right amount of stop-hunting room for longs to cover and sellers to re-appear as the S&P 500 tested up towards record highs. US equities ran away from their JPY-related proxy briefly but have collapsed back down to it now as perhaps the tell was a push higher in VIX right from the open. VIX rose over 13% briefly – its highest in a week – as US equities (notably the Dow with no support from Visa or American Express to save its skin) tumbled.
VIX leading the charge lower…
as stocks catch down to JPY crosses…
via Zero Hedge http://ift.tt/1anqvbi Tyler Durden