After QE-based disconnects last week (Gold rallying with stocks and USD weakness as Treasury yields drop), the last day or so has seen these relationships fading fast. Gold and Treasuries have resynced at a much less sanguine on QE level and the USD is gaining modestly leaving stocks by far the most 'hope-full' asset class for now. WTI crude is back below $82 also - hardly a NEW QE indication of conviction. The major financials continue to push higher though the sector overall just limped back to unch on the day. With ES dropping back to overnight lows, we suspect the realization is gradually reaching the smart, sexy stock traders that their exuberance has removed the punchbowl once again.
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