Following a series of intraday ramps, futures shot up above the 10-day moving average as soon as the market closed. Bogus? Of course. But, the record will reflect (and the algos have responded to) a seemingly bullish move. Chase it at your own peril.

Today’s tricks will include trying to get past the 10am New Home Sales and Michigan Consumer Sentiment data.

continued for members…

Nothing has changed since yesterday except that VIX has angled a little lower.

USDJPY and EURUSD are bouncing ever so slightly. And, CL and RB are bouncing slightly… …which has halted the 10Y’s breakdown – at least so far. With the end of the quarter coming up next week, I supposed we shouldn’t be too surprised that stocks are bouncing. But, it merely sets up a more violent downturn in July.

Stay tuned…