A Bearish Start To Your Week

Well, things took a decisive turn for the worst just after the European open…


Trader: ‘I Know This Seems Crazy, But’…

“They’re back. I thought they had all given up, but like an old college buddy who’s going through a bad divorce and just needs a place to crash for a ‘few days,’ the corporate credit skeptics are a tough lot to shake.”

What’s Going On With Credit Vol.?

“…the tail risk associated with the bond trade unwind has become more visible.”

Are The Locusts Coming? Here’s What History Says About Stocks, Credit, Yields And Inflation

“Lions, tigers, and bears, oh my!”

High Note.

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

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.


Translation: this is not a drill, dammit.

One Bank Reveals 7 Key Calls For The New Year

But for those interested in trying to “DO SOMETHING” (as opposed to just kicking back and being “actively” passive)…

Requiem For 2017: The Year In Charts

Cheers to you in the new year…

Fallen Angels And Draghi’s Steinhoff Demons

“It is not unusual that losses may be happening.”

Here Are A Bunch Of Scary Charts For Halloween.

“The only thing to fear is fear itself.”

Bubbles, Bubbles, Everywhere…

“Bubbles, bubbles, every where, Nor any one to pop.”

‘Pigs Just Might Fly’ In A World Where Spreads Are This Out Of Touch With Leverage

“However, by 2008’s final quarter, corporate debt reached 523% of internal funds and the high-yield EDF soared to 10.33%. At the same time, a mild recession was turning into a global calamity.”

‘They Bought It All – Literally’

To be sure, traders and investors were left to cope with conflicting signals in the just-concluded trading week. For one thing, you never want to be completely out of risk assets in an environment where the central bank put is still in place. Underscoring that was Thursday’s ECB presser where Mario Draghi made a concerted…