Major Markets Action and Odd Market Signals

Today ES tape action was really bearish until  when the cash markets opened and then the market rallied straight up. Along with this bonds were very bullish and didn't deteriorate throughout the whole day. The yen got a little weak when it was strong as the ES was falling. The Euro continued to be bearish, and it is continuing  its decoupling. Overall, the major markets are showing conflicting signals, but the ES seems really expensive especially compared to bonds and the euro. The really interesting part of the Euro decoupling is how bearish the euro is economic wise and market wise.  So, overall I am going to be flat to slightly long in my portfolio until we see a little more vol expansion.