Look at the beautiful correlation of all 3 leading into Armageddon '08. Then, in the mini hysteria that pressured Bernanke into QE2, the all important GSR failed to confirm and this non confirmation manifested into a policy induced asset price party. This time we have a rising GSR, a rising Uncle Buck and a lame VIX.
What to read into it? I don't really know yet, but it could mean that risk for broad market bulls is exceedingly high. Or maybe it could mean that the fix is in and just waiting for a trigger. Or maybe it means both. In fact, it probably means both.