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Contradicting Symbols?

|Includes: SPDR S&P 500 Trust ETF (SPY)

Across the board the broad market indexes and the major volatility indexes are both up. This is quite a turnaround from mid-morning when the major indexes were up somewhat significantly (about 2/3 of a 1 day standard deviation). Around 11 am the indexes almost completely backed off of their highs. We are currently just a small notch up. Mean while the major IV indexes are also pointing up, most significantly the RVX. I believe the markets are pointing toward some sort of afternoon pull back or a sell down tomorrow (could the tomorrow’s employment numbers be bad?). I am not sure of what size or capacity. This move, however, I have been seeing the signs of some sort of pull back for the last few days. It was one thing last week when it was only the RUT; I think hindsight, when I look at the movement I understand why the RUT IV was going up. For all four indexes to be contradicting, two days in a row raises some sort of red flag. In my earlier post I noted the SPX high on the year was 1150, the tech traders did not let the SPX break that price level.

A Run Down of the Markets

Disclosure: I am short deltas in RUT and SPX