Between chip stocks’ sharp declines and new highs in the 10Y, the futures are under real pressure that not even obvious VIX manipulation can counter.

Check out the ridiculous move VX had to make to allow SPX to close above its SMA10 yesterday.

VIX itself was a little less obvious, but naturally it closed back below its SMA200 before gapping back above it this morning.

Bond buyers are laser focused on oil prices. And, right now, CL is telling them that the risk is not only rising in the lead up to a potential break out.

Imagine the jump in DXY and dip in rates which could occur if/when stocks were to experience a substantial correction – the one which is long overdue.

GLTA