The Links

2 October · London & New York · As of Fri 2 Oct

Whether usual pairs held on this scan. The working paper behind World View, 1483 sessions through 30 Sep 2026. A window without enough days is marked pending.

Usual means the pair moved the way it usually does on this scan. Break means the pair printed the other sign from that usual link.

This session · signed marks

S&P 500

7,721.8+0.72%

Nasdaq 100

30,816.6+1.03%

Euro Stoxx 50

6,227.8+0.85%

FTSE 100

10,462+0.32%

Nikkei 225

68,309.5−0.94%

Hang Seng

23,972.3−2.60%

EUR / USD

1.1263−0.57%

USD / JPY

157.85+0.19%

GBP / USD

1.3230−0.26%

DXY

101.92−0.17%

WTI Crude

91.55−1.42%

Brent

102.37+0.06%

Gold

4,167.6−0.83%

Silver

60.35−0.63%

US 10Y

5.27%+3 bp

VIX

15.74−3.97%

Extra marks

Henry Hub9 days old

3.170+6.91%

Yahoo NG=F · 23 Sep 2026

10Y TIPS11 days old

2.62%−6 bp

FRED DFII10 · 21 Sep 2026

PHLX SOX7 days old

12668.9+1.41%

Yahoo ^SOX · 25 Sep 2026

Software (IGV)7 days old

106.0−1.06%

Yahoo IGV · 25 Sep 2026

Cons. Staples (XLP)7 days old

82.06+0.44%

Yahoo XLP · 25 Sep 2026

VIX 3M10 days old

17.61−2.60%

FRED VXVCLS · 22 Sep 2026

Sugar #117 days old

17.520−0.34%

Yahoo SB=F · 25 Sep 2026

Corn7 days old

528.3+0.14%

Yahoo ZC=F · 25 Sep 2026

MSCI EAFE (EFA)7 days old

105.6+1.01%

Yahoo EFA · 25 Sep 2026

Hedged EAFE (HEFA)7 days old

46.97+0.64%

Yahoo HEFA · 25 Sep 2026

Cameco (CCJ)7 days old

88.07−0.06%

Yahoo CCJ · 25 Sep 2026

Centrus (LEU)7 days old

147.1−0.17%

Yahoo LEU · 25 Sep 2026

ERCOT large-load queue

474 GW+36 GW vs May 2026 · as of June 2026

ERCOT Senate Committee on Business & Commerce, 29 Jul 2026 — approximately 474 GW of Large Loads seeking interconnection as of June 2026; ~90% data centers.

Complex vs gold-only

Oil / gold ratio (×1000)

21.4

WTI 92.51 / gold 4319.7 × 1000, cash close 23 Sep 2026. The marks above can print a later tick. Band 15–25. Inside the band is a complex. A close below 15 with VIX under 18 would reclassify the metals move as gold-only.

Last 90 sessions through 23 Sep 2026: 90 inside the band, 0 below 15, 0 above 25. Last 250: 158 inside, 92 below 15, 0 above 25 (min 11.9, max 24.4).

Break callout

Dollar vs gold

DXY −0.17% at 101.92 · Gold −0.83% at 4,167.6

Dollar and gold are moving together. The usual inverse is not holding on this session.

Usual vs broke · this session

BreakDollar vs eurousual opposite · observed togetherDXY −0.17% at 101.92 · EUR / USD −0.57% at 1.1263
BreakDollar vs goldusual opposite · observed togetherDXY −0.17% at 101.92 · Gold −0.83% at 4,167.6
BreakUSD/JPY vs Nikkeiusual together · observed oppositeUSD / JPY +0.19% at 157.85 · Nikkei 225 −0.94% at 68,309.5
BreakWTI vs Brentusual together · observed oppositeWTI Crude −1.42% at 91.55 · Brent +0.06% at 102.37
WatchOil vs 10-yearusual togetherWTI Crude −1.42% at 91.55 · US 10Y +3 bp at 5.27%
UsualGold vs silverusual together · observed togetherGold −0.83% at 4,167.6 · Silver −0.63% at 60.35
UsualS&P 500 vs Nasdaq 100usual together · observed togetherS&P 500 +0.72% at 7,721.8 · Nasdaq 100 +1.03% at 30,816.6
UsualS&P 500 vs VIXusual opposite · observed oppositeS&P 500 +0.72% at 7,721.8 · VIX −3.97% at 15.74

Pair reads · this session

BreakDollar vs goldDXY −0.17% at 101.92 · Gold −0.83% at 4,167.6
Dollar and gold are moving together. The usual inverse is not holding on this session.
WatchDollar vs ex-US indicesDXY −0.17% at 101.92 · Euro Stoxx 50 +0.85% · FTSE 100 +0.32% · Nikkei 225 −0.94% · Hang Seng −2.60%
A softer dollar did not produce a bloc move. Euro Stoxx 50, FTSE 100 rose; Nikkei 225, Hang Seng fell. Cheap-ex-US is not one trade.
UsualBrent vs WTIBrent +0.06% at 102.37 · WTI Crude −1.42% at 91.55
The two oils moved together.
UsualEquities vs volatilityS&P 500 +0.72% at 7,721.8 · VIX −3.97% at 15.74
Equities and volatility are moving the way they usually do relative to each other on this session.
UsualGold vs silverGold −0.83% at 4,167.6 · Silver −0.63% at 60.35
The metals move is broad, not a single-contract squeeze.
UsualGold vs volatilityGold −0.83% at 4,167.6 · VIX −3.97% at 15.74
No tension between the metal and the options market on this session.
UsualNasdaq vs S&P 500Nasdaq 100 +1.03% at 30,816.6 · S&P 500 +0.72% at 7,721.8
Growth and the broad prints moved together.
UsualNikkei vs Hang SengNikkei 225 −0.94% at 68,309.5 · Hang Seng −2.60% at 23,972.3
Nikkei and Hang Seng moved in the same direction on this scan.
UsualOil vs ratesWTI Crude −1.42% at 91.55 · US 10Y +3 bp at 5.27%
Oil and the ten-year are consistent with each other on this session.

Rolling Pearson

Yahoo daily strip: 1483 sessions, last close 30 Sep 2026. A printed coefficient is that window, not a 30-day claim on a shorter file.

30-session Pearson: S&P 500 vs VIX

-0.81

Window 30 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

90-session Pearson: S&P 500 vs VIX

-0.81

Window 90 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

250-session Pearson: S&P 500 vs VIX

-0.83

Window 250 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

30-session Pearson: S&P 500 vs gold

0.33

Window 30 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

30-session Pearson: Gold vs VIX

-0.40

Window 30 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

90-session Pearson: Gold vs VIX

-0.43

Window 90 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

250-session Pearson: Gold vs VIX

-0.19

Window 250 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

30-session Pearson: Dollar vs gold

-0.57

Window 30 from 1277 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

60-session Pearson: Dollar vs gold

-0.49

Window 60 from 1277 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

90-session Pearson: Dollar vs gold

-0.52

Window 90 from 1277 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

250-session Pearson: Dollar vs gold

-0.36

Window 250 from 1277 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

30-session Pearson: WTI vs US 10Y

0.41

Window 30 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

30-session Pearson: S&P 500 vs US 10Y

-0.57

Window 30 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

90-session Pearson: Dollar vs Euro Stoxx

-0.19

Window 90 from 1246 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

30-session Pearson: Utilities vs Technology

0.06

Window 30 from 1278 aligned daily returns, last close 25 Sep 2026. Same-session breaks stay the primary object.

60-session Pearson: Utilities vs Technology

-0.10

Window 60 from 1278 aligned daily returns, last close 25 Sep 2026. Same-session breaks stay the primary object.

90-session Pearson: Utilities vs Technology

-0.17

Window 90 from 1278 aligned daily returns, last close 25 Sep 2026. Same-session breaks stay the primary object.

250-session Pearson: Utilities vs Technology

-0.04

Window 250 from 1278 aligned daily returns, last close 25 Sep 2026. Same-session breaks stay the primary object.

60-session Pearson: Utilities vs US 10Y

-0.22

Window 60 from 1278 aligned daily returns, last close 25 Sep 2026. Same-session breaks stay the primary object.

250-session Pearson: Utilities vs US 10Y

-0.30

Window 250 from 1278 aligned daily returns, last close 25 Sep 2026. Same-session breaks stay the primary object.

30-session Pearson: WTI vs gold

-0.17

Window 30 from 1278 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

60-session Pearson: WTI vs gold

-0.25

Window 60 from 1278 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

90-session Pearson: WTI vs gold

-0.20

Window 90 from 1278 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

250-session Pearson: WTI vs gold

-0.14

Window 250 from 1278 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

30-session Pearson: Henry Hub vs WTI

-0.07

Window 30 from 1278 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

30-session Pearson: Henry Hub vs Utilities

-0.27

Window 30 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

60-session Pearson: Gold vs 10Y TIPS

-0.23

Window 60 from 428 aligned gold returns vs TIPS daily changes, last close 21 Sep 2026. Same-session breaks stay the primary object.

90-session Pearson: Gold vs 10Y TIPS

-0.20

Window 90 from 428 aligned gold returns vs TIPS daily changes, last close 21 Sep 2026. Same-session breaks stay the primary object.

250-session Pearson: Gold vs 10Y TIPS

-0.14

Window 250 from 428 aligned gold returns vs TIPS daily changes, last close 21 Sep 2026. Same-session breaks stay the primary object.

30-session Pearson: Semis vs software

-0.05

Window 30 from 1278 aligned daily returns, last close 25 Sep 2026. Same-session breaks stay the primary object.

60-session Pearson: Semis vs software

0.05

Window 60 from 1278 aligned daily returns, last close 25 Sep 2026. Same-session breaks stay the primary object.

90-session Pearson: Semis vs software

0.05

Window 90 from 1278 aligned daily returns, last close 25 Sep 2026. Same-session breaks stay the primary object.

250-session Pearson: Semis vs software

0.16

Window 250 from 1278 aligned daily returns, last close 25 Sep 2026. Same-session breaks stay the primary object.

30-session Pearson: Staples vs S&P 500

0.05

Window 30 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

60-session Pearson: Staples vs S&P 500

-0.14

Window 60 from 1276 aligned daily returns, last close 23 Sep 2026. Same-session breaks stay the primary object.

Opposite-pair break rate

Share of sessions where a usually-opposite pair printed the same sign. Computed from dated closes, not from the same-session break log, which only starts on 22 Aug 2026.

S&P 500 vs VIX · 90 sessions

18%

Same sign on 16 of 89 sessions through 23 Sep 2026. Usual is opposite.

S&P 500 vs VIX · 250 sessions

20%

Same sign on 50 of 248 sessions through 23 Sep 2026. Usual is opposite.

Dollar vs gold · 90 sessions

35%

Same sign on 31 of 89 sessions through 23 Sep 2026. Usual is opposite.

Dollar vs gold · 250 sessions

36%

Same sign on 88 of 246 sessions through 23 Sep 2026. Usual is opposite.

Break log

2 Oct 2026Dollar vs goldDollar and gold are moving together. The usual inverse is not holding on this session. Outcome window: next 10 sessions.
1 Oct 2026Nikkei vs Hang SengAsia is not one tape. Nikkei +2.44% and Hang Seng −2.75%: a 5.19% split on the same session. Outcome window: next 10 sessions.
1 Oct 2026Equities vs volatilityThe S&P and the VIX both rose. The usual link is opposite. Outcome window: next 10 sessions.
1 Oct 2026Dollar vs goldDollar and gold are moving together. The usual inverse is not holding on that session. Outcome window: next 10 sessions.
30 Sep 2026Equities vs volatilityThe S&P and the VIX both fell. The usual link is opposite. Outcome window: next 10 sessions.
22 Sep 2026Dollar vs goldDollar and gold are moving together. The usual inverse is not holding on that session. Outcome window: next 10 sessions.
15 Sep 2026Dollar vs goldDollar and gold are moving together. The usual inverse is not holding on that session. Outcome window: next 10 sessions. The window ended 29 Sep 2026.
11 Sep 2026Dollar vs goldDollar and gold are moving together. The usual inverse is not holding on that session. Outcome window: next 10 sessions. The window ended 25 Sep 2026.
8 Sep 2026Dollar vs goldDollar and gold are moving together. The usual inverse is not holding on that session. Outcome window: next 10 sessions. The window ended 22 Sep 2026.
31 Aug 2026Dollar vs goldDollar and gold are moving together. The usual inverse is not holding on that session. Outcome window: next 10 sessions. The window ended 15 Sep 2026.
24 Aug 2026Dollar vs goldDollar and gold are moving together. The usual inverse is not holding on that session. Outcome window: next 10 sessions. The window ended 8 Sep 2026.
22 Aug 2026Correction — feed bug voided the three rows logged earlier todayCorrection: The rows logged on 22 Aug 2026 (Equities vs volatility, Gold vs volatility, Nikkei vs Hang Seng) were computed from a quote-feed bug that printed weekly changes as session moves and an off-session gold level. No such session breaks occurred on Friday 21 Aug: S&P 500 +0.43% to 7,674.4, VIX −5.50% to 15.13, gold +2.39% to 4,624.1, Nikkei −0.30%, Hang Seng +1.21%. The genuine tension — gold +5.6% on the week of 17–21 Aug against a VIX that fell into Friday's close — stays on the board as h-gold-vol and h-metals-squeeze, windows ending 4 Sep 2026. Outcome window: voided — session-semantics bug, corrected 22 Aug 2026.

The standing view on these links lives on the cross-asset theme; the gold–volatility break is an open, dated test on The Claims.