A growing sense of uncertainty and slow acceptance of risk revaluation are taking their toll on markets this week.  This uncertainty, however, seems to be creating a large number of possible arbitrage situations over yields, commodities, and capitalization indexes.

• The S&P 500 ETF has lost significant strength against the 5-year yield over the past 5 days.
• The VIX lows over the past two sessions seem to indicate an uptrend in the short term, in contrast to a number of similar volatility shocks recently discussed in the community.
• The Russell 2000's return and volatility are significantly lagging the S&P after Tuesday's session.  Watch for opportunities to accumulate if we see signs of the VIX dropping.

    In slightly off-topic news, I'll be turning 20 this Friday, and will likely much less active here for the next week.  Look for things to pick back up to regular speed by the 22nd.