..what's not linked in

In the midst of all eyes on LNKD (IPO) hype off the open, the market received a reminder that, yes, eco’ data does matter in the way of a miserable Philly fed #.   Of course, as per usual market ways, it's release just happened to coincide with being ~1pt away from the 'R'/ May down trend-line, noted leading into the trading day.  Early follow through rally quickly was faded off the ‘R’ and rest of day was quite boring with volumes lagging daily averages.  Considering the market made attempts to get back to day's highs after poor data, you start to think the market is taking every negative eco’ number as ‘transitory’ and moving on.  This complacency will backfire if more negative numbers start coming in.

Trading intraday note to watch, post-Mondays trade, …”This lagging action despite favourable EURO strength for equities was a red flag as divergence from the risk on/off/currency trade was clearly evident.  The equity trade that followed the currency action was simply failing!.    Yesterday, post FOMC, we noted the steadiness of the cross showed markets may not be at the mercy of the cross.  Today’s, biggest noise apart of LNKD and much more important to traders is the fact this currency market dynamic with equities /crude/commodities following EURO rise failed again.  Simply, traders have some challenges now as trading equities on currency moves is not linked in this week.