One glance at the RISK-ES basket confirms what everyone knows: regressed for a July 5 start, while the broader Risk basket has been moving roughly in line with ES, today we saw a major decoupling, which, if nothing else, indicates that stocks are once again on their own in the stratosphere, while all other risk signals indicate a far more subdued value. As a result, the spread has once again hit the notable 10 ES point equivalent divergence which more often than not ends up being compressed... eventually. Alas, since the Chairsatan can stay irrational far, far longer than any printer can print without running out of ink, at this point who the hell knows what is happening. But since this is bizarro world, it is probably a good thing that this, the 9th consecutive week of domestic equity fund outflows, saw "just" $3 billion pulled from massively margined mutual funds. This is a welcome drop from the $4.3 billion pulled last week. At this rate we may hit an inflow eventually, at which point the lunatic in charge of the asylum will once again crash it all.