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This is an excerpt posted in the trading room today by Rick Bensignor.

What Most Players Aren’t Seeing Today

5/27/2009 3:07 PM EDT

Early in the day there was the sense that follow-through buying from yesterday’s poorly media explained upmove (it was only a little about the Consumer Confidence number and much more about computer-driven sector re-allocation) was at hand. Then prices rotated just north and south of unchanged for a few hours. Then 2 hours ago stocks took a quick dive while 10-year yields exploded higher. Now things are calming down a bit, but still equities are lower. What gives?  Here’s the rest of the piece I wrote that for some reason just got cut off: The answer is that non-institutional players, and those who are but not technically-oriented, is that there is a TD Sequential buy signal in the VIX, and coincidentally a Sequential sell signal in the QQQQ. This means that most institutional players are just itching to short the market, all while 10-yr Treasury yields are hitting levels not seen since last November. This is what is creating the erratic price movement today. Just thought we’d pass along to you what is the behind-the-scenes catalysts for today’s action. — Rick