[…] Today was neither a risk on or risk off day.
Rather, it was a wax on, wax off day, also known as the old wash and rinse, ahead of the August stock options expiration on Friday.
In simpler terms, the small specs were leaning hard in one direction and the wise guys get to look at what they are holding in their hands.
The financiers spent many millions to buy their current privileged positions, including the long campaign to overturn Glass-Steagall. And it was worth it.
The Dollar moved higher, reversing its trend.