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SPY: leading higher, or late realizing we're headed lower?

|Includes: EEM, JJC, JNK, SPDR S&P 500 Trust ETF (SPY)

Take it for what you will, but the S&P (using SPY as its proxy) is leading a variety of other "risk-on" asset classes over the last 10 days.  Macrostory noted the breakdown in correlation between the Australian Dollar and the S&P, and below I've compared the S&P to high yield bonds (NYSEARCA:JNK), the Euro, Emerging Markets (NYSEARCA:EEM) and Copper (NYSEARCA:JJC)... and found the S&P to be topping them all over the last 10 days.  Is SPY hearing the sleigh bells of a Santa Claus rally first, or is SPY just less willing to price in global risk?