Well that escalated quickly… again. While credit markets were not buying the dead-cat-bounce in stocks and oil this morning (Energy HY >1000bps, HYCDX >400bps), financial media was cock-a-hoop… “the bottom is in.” Well we have a new bottom. WTI Crude futures have tumbled back to the scene of the manipulative algo crime last night back below $57. European stocks are under pressure and are now once again negative year-to-date and US stocks have given up all the overnight and US opening exuberance gains – now red from Friday.
Oil back below $57…
Stocks givenup gains…
and credit is really rolling over – HY >400bps!!
Charts: Bloomberg
via Zero Hedge http://ift.tt/12Vlq6Z Tyler Durden