With 40 minutes to go, as the world's media focused intently on all-time new highs in the S&P 500 - following a 20 point rip off pre-market lows, seemingly encouraged by the worst miss in Dallas Fed ever - it seems interest in actually participating is lagging significantly. Today's volume pro-rata on the NYSE and in S&P futures is among the lowest non-holiday day in months. There has been no 'rotation' as Treasuries are modestly bid. VIX is not participating in the surge at all. And the 'shorts' have started to outperform on the day (following the squeze earlier).
Treasuries are as bid as stocks...
[3]
and VIX (protection) relatively bid as we surge...
[4]
Led by the opening short squeeze...but in the last few minutes the shorts are regaining performance...
[5]
and Volume is atrocious...
[6]
Charts:Bloomberg and Capital Context