We warned overnight of the canary in the coalmine that high-yield credit markets were becoming and today that stress is getting worse.
For the first time since prior to the election, HYG (the high yield corporate bond ETF) has broken below its 200-day moving average…
And as a reminder, this bearish sentiment has caused investors to shift toward a net underweight stance on high yield (net 12% underweight), the first time a majority of respondents have been underweight since 2008.
via http://ift.tt/2n5VjIJ Tyler Durden