High Note.

And so the holiday-shortened week comes to a close and it delivered everything that could have been reasonably expected of it.


Wait, What?

If you don’t have a sense of humor, the market’s reaction to the Fed minutes was probably pretty frustrating for you. 

Trader: ‘The First Canary May Have Already Expired In This Coal Mine’

On the bright side, remember that people were talking about high yield and canaries in November and we got through that ok.

In High Yield: Exodus

“Big league”.

Is This How The Junk Bond ETFs Blow Up?

You know there’s probably something a bit quixotic about the crusade to warn of an eventual blowup in the high yield ETF space. But…

What The Hell Is Going On With The Largest IG Corporate Bond ETF?

Boy, I’ll tell you what: you people are yanking money out of bond funds like there’s no tomorrow.

50 Yards…

“Wow, dad.”

This Has Only Happened 3 Times Since 2012 (Banana Republic Edition)

Ok, so do you want to see something funny?

Look! A ‘Junk Stock VIX’

Looking for a new leading indicator? Here’s one candidate.

Are Junk ETFs About To Get Stress Tested As High Yield Cracks?

But remember, at some point people will start selling the underlying and that’s when shit gets really messy, especially if that selling ends up being prompted by massive outflows from the ETFs whose holders have no conception whatsoever of the underlying liquidity mismatch. 


Translation: this is not a drill, dammit.

The Good Old Days.

I remember when…

There’s Too Much To Lose!

“We’ve come too far!”

Money Laundering.

What to say about Tuesday? Well, a lot actually.

DACA Schoen: Full Week Ahead Preview

All eyes on (geo)politics. And Canada. Of course.