[TA DAILY] Where Do We Go From Here?

Where do we go from here?  This question has been asked and (somewhat)    VIEW ONLINE         UPCOMING EVENTS     Larry's Morning Commentary Where Do We Go From Here?     Where do we go from here?  This question has been asked and (somewhat) answered hundreds of times across every financial airwave over the past day.  For every answer given an equally valid counterpoint has been made.  It has been widely noted that asset classes that were normally correlated have failed to do so since 2008 – 2009.  One market I really like to watch closely especially at this level is high yield bonds.  The ETF for this sector is HYG.  Take a look at the chart:   For years, HYG moved in lockstep with the S&P 500.  Then around 2001 HYG basically flat lined and the S&P continued on its epic run up.  But as Bloomberg shows us: "Over 70% of the time since 1996, as spreads widened as much as they have since April, the S&P 500 has fallen, with the average decline exceeding 10%."   And market pragmatist, Art Cashin of UBS has been quoted: "I continue to monitor the high yield market and see where that goes. The high yield market has been of some concern of the last several weeks. If that begins to show appreciable weakness than I would think the caution flags stay up." Can we pull ourselves from the precipice?  Of course we can.  Is history on our side?  It's hard to make that argument.    Trade well and follow the trend, not the perma-bull OR perma-bear "experts." Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia. Read Past Issues of Larry's Morning Commentary       We had a quieter day in the markets than the previous session, but it still remains highly volatile. With a huge gap open in the markets, we slowly started pulling back, until the last hour of the day. That is when the selling started to escalate and eventually we finished negative for the session. The biggest swing in the markets...   Read More       TECHNICAL DATA ES 1936.50 / 1891.50 POC 1933.00 YM 16,202 / 15,945 NQ 4182.25 / 4086.75     We have defined what implied volatility was noting that it was a proxy for an annualized, one standard deviation move in the underlying. Then, we discussed how to relate implied volatility and historical volatility. Today we discuss how the implied volatility of different months within the same underlying can be...   Read More     Watch how our instructors call out live signals, answer questions, provide detailed commentary and compare notes with fellow students. Our live classrooms offer training on all markets - where you can watch the exact techniques our top instructors use with simple, yet complete explanations of every move they make in real time. 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