Here’s How To Play The Retail “Big Short” (Hint: It’s Not CMBX)

Regular readers have been kind enough to let us regale them with the unfolding drama that is the bursting of America's $1.2 trillion auto bubble. We call it Car-mageddon. Of course anyone who's been paying attention over the past six or so months is also acutely aware that there's another sector of the US economy imploding: retail. We've discussed this on numerous occasions - especially with regard to HY. Recall for instance, the following chart which says a whole lot about the state of the m