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Equities would fall along with bonds. The inverse relationship decouples, as it does sometimes anyway.

NQ 2375 was a higher high from the prior day as well as a higher low, so I don't really get what you are trying to state with that example. If you mean lower high from the 2421.75 high of 7/8, well that is quite a chunk of space you are dealing with. Bad example of a high odds fade, if you ask...

ZN opens negative and it is not helping ES and NQ. So that could mean we might finally get that yield rise trade? Very interesting indeed. Not anything dramatic so far, no one really believes the US will default, but it's getting a little hairy indeed.

Very, very curious to see how ZN trades when it re-opens following the Moody warning on US downgrade.

Well here it is. Nasty flush.

I agree with you. Everything was set for a push higher at the Europe close, strong internals, VIX at lows, etc..It was a perfect squeeze set up. But then that treasury auction went bananas and I think that triggered some computer selling in equities.

The NQ gap got picked up and even went negative and ES so far holding 1310. I guess I am overly cautious, but still only shooting for deuces here and there, not a big buyer yet.

If ES cannot hold 1310 at the close, it will get ugly tonight. Traders need to respect this kind of reversal and use caution and not blow out their accounts. A test of Globex lows is coming (1307.25), let's see how we do there. As a rule, when you get a strong auction like today on the ten year...

6 point bump (to new highs on a 7 point session until then, I would not call that a non-event), but that was it. AUD/USD went positive then has turned back to red, that is your currency gauge on Chinese data.

China GDP at 10 pm eastern. That's what the market is watching more than anything now, especially AUD.

Still in scalp mode, not trusting the upside for too long due to semi weakness.

This is why we tanked earlier> Someone at Merrill wants lower prices: http://www.marketwatch.com/story/merrill-warns-of-major-global-crisis-over-italy-2011-07-12

ZN round trip is troubling and why I am still in scalp mode, but expecting a London open pop up to 1314.75/1315.

At the edge:

1308 is still possible. maybe Globex session.

I keep scalping and looking for a pop up to 1st hour, but there is no juice, so I don't hold anything and book it when it comes. This is going to be one ugly day right into the close it seems. This last high was not corroborated once again.

now we are seeing some delta support after the lower lows. NQ needs to hold 2354.25 on this bounce.

Trading is all I do. And it gets boring, so I walk around some threads here and there ans sometimes try and help out. My ego doe snot need any reinforcement by posting anonymously, frankly. I am a patient trader today, in and out quick hits, looking for new lows.

No need to get offended. Delta is the bid/ak volume and cumulative delta tracks that and the ensuing divergences. If you are not interested in my input, I will cease posting here immediately.

So far, 20 ema for ES and 10 dma for NQ are support. That could get a retest.