In all of this risk on indigestion the one instrument that hadn’t come to the party was stocks. This afternoon though, they seem to have decided to join the fun. S&P Futures struggled to rally after the GDP data and touched 1030, but since then it has been pretty much one way traffic with the future hitting its lowest level since the Bernanke testimony at 1015. Oil also looks in danger of a deeper sell-off, dipping below $70 after testing $75 only two days ago. In FX its pretty slow going the Yen crosses have come under pressure as stocks fall with selling seen in the 93.90 area. Cable dipped again into bids at 1.6150/60, but the bounce has been rather poor which doesn’t bode well.