Total Disconnect Between FX/Bonds And Stocks
It's one of those days. The world looks on as Bernanke speaks and the S&P 500 levitates 20 points in a straight line wealth-effect-confirming way. However, it appears the FX and Bond markets just can't get excited about all this... Of course, all that matters is the foot on the neck of spot VIX (which is now back below 15%) and Bernanke's confirmation that housing has bottomed (again).
and the fact that S&P 500 futures just broke above the closing VWAPs from the last two plunges... look at where we bounced to on Tuesday - Monday's closing VWAP... and today, we bounced to Tuesday's closing VWAP...
allowing the big boys caught offside to exit?