High yield bonds have remained a favored risk-on asset class for most of the last two years, but today's chart suggests that the dissonance and negative divergences are becoming ever more apparent.

The flight to safety into the Swiss franc has been one of the more notable FX developments during the troubled times in North Africa and the Middle East.

The emerging markets are experiencing attrition across the board, and distribution characteristics are clearly evident.

One of the risks that asset allocators need to focus on is that large jumps in crude oil prices will only add more fuel to smoldering inflationary cinders.

The remarkable ascent of the S&P 500 since early September 2010 has been eclipsed by that of the Russell 2000 index of micro-cap stocks.

There seems to be a mood of benign complacency now on the part of asset allocators that the US fundamentals are just right: not too fast a recovery, not too much inflation and a generally positive outlook for US domiciled multi-nationals.

The chart for XLU, which is the Utilities Select Sector SPDR, has characteristics indicating that this sector is stalling.

Asian trading today has seen good rallies with both Shanghai and Mumbai indexes. Clive Corcoran would consider playing the long side while the momentum favors a more risk on approach to these two markets.

Clive Corcoran's focus is on divergences in the market, both positive and negative, between price action and money flow.

Some rather easily discernible negative divergences are becoming apparent as equity markets in the advanced economies continue to move upwards.