This Chart Makes No Sense

We've talked a ton in these pages about HY energy and the extent to which the massive spread compression off 2016's deflationary doldrums is probably way - way - overdone considering where oil prices were the last time spreads were as tight as they are now. For the latest on this, see "As Oil Rises (Back) Above $50, One Question Remains." Well it's Sunday afternoon, so we aren't going to make you think too hard, but we did want to highlight yet another chart which demonstrates the extent to wh