Which is the worse reason for authorities to offer on the catalyst of the Flash Crash - a decent-sized Mutual fund puts in a larger-than-average sell order, a one-man-band in London manages to 'spoof' the US equity market into a crash, or the entire farcical market being driven by machines and nothing more... RIGGED!!!!

Yesterday Trannies loved higher oil prices, today they love lower oil prices...

Thanks to overnight hope, cash indices all opened gap up, Nasdaq spiked on Biotech deal then went nowhere, Dow/S&P dropped...

Most notable today was the break in Nasdaq vs Dow and S&P that started as the US equity opened...

Since Friday, Trannies are the big winners and Dow the relative loser...

Energy stocks now well into the red on the week as Financial and Materials limp lower...

Just as an FYI - this whole ramp off the 100DMA was a big stop-run to last week's highs...

VIX continues its manic-depressive behavior...

Treasury yields rose from pre-open lows leaving 30Y up 6bps since Friday...

Rates started to move higher as the USD started to sell off...

Commodities were mixed with PMs up (gold above $1200) and crude and copper lower...

Copper continues its post-RRR-Cut slump...

As Crude dumped into settlement on Yemen headlines, bouncing off yesterday lows...

Which reminds us... here is the correlation between the market and crude (intraday) this year...

Charts: Bloomberg