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Complete February Bond Performance Heatmap - Sea Of Red
With February over, and the equity market just slightly down MTD, the January weakness in equities has finally spilled over to High Yield, where we are flowing in a see of red. This was to be expected considering the two nearly $2 billion HY fund outflows experienced in February. Below is the complete heatmap for February HY bond price performance by subsector. Each
issue is presented on a size relative basis, with the grayed text
giving detailed information about any one specific issue, including
corporate ticker, one month change, ISIN, Name, Rating, Outstanding,
and last price (compared to January 31, 2010, red is lower, blue is
higher).
Consolidated
And by sector:
Manufacturing
Manufacturing - Aerospace
Manufacturing - Auto Manufacturers
Manufacturing - Building Products
Manufacturing - Chemicals
Manufacturing - Conglomerates Diversified
Manufacturing - Containers
Manufacturing - Electronics
Manufacturing - Home Builders
Manufacturing - Information/Data Technology
Manufacturing - Machinery
Manufacturing - Metals & Mining
Manufacturing - Paper/Forest Products
Manufacturing - Textiles/Apparel/Shoes
Manufacturing - Vehicle Parts
Services
Services - Broadcast
Services - Cable
Services - Food/Drugs
Services - Gaming
Services - Health Care Facilities
Services - Health Care Supply
Services - Leisure
Services - Lodging
Services - Other
Services - Pharma
Services - Publishing
Services - Retail Stores
Services - Satellite
Services - Tower
Telecom
Telecom - Broadband
Telecom - CLEC
Telecom - Diversified
Telecom - Wireless
Transportation
Transportation - Airlines
Transportation - Railroads
Transportation - Other
Consumer
Consumer - Beverage/ Bottling
Consumer - Consumer Products
Consumer - Food Processors
Consumer - Tobacco
Energy
Energy - Gas Pipelines
Energy - Integrated Oil
Energy - Oil Equipment
Energy - Oil Refining & Marketing
Energy - Oil Service
Energy - Retail Propane Distributors
Energy - Secondary Oil & Gas Producers
Finance
Finance - Securities
Finance - Other
Finance - REITs
Insurance
Insurance - Life Insurance
Insurance - Property & Casualty Insurance
Banking
Electric
Industrials/Other
Independent
Utilities
Source: Citigroup
»
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I read on Mish's global blog that the SEC is re-activating the short sell ban. When this was last used, there was a collapse of equities. Of course, with the manipulated market, who knows what this ponzi will do, against all reason, but insanity!
I read that article too. Correct me if I am wrong but I think it was SPX that he had a chart of with the date of the short-selling ban superimposed on it. Shortly after the ban the SPX shot up briefly, before resuming it's slide, and then about a month or so later, it's plunge into the abyss.
I didn't read too much into it with respect to the idea that the SEC "knew something". Hell, many of us "knew something", the if, perhaps not the when.
What I did glean from that was that the SEC, in typical technocratic fashion, tried to steer the market with a regulatory gimmic that turned out to be merely a speedbump in the greater scope of events that unfolded.
Well, how'd that work out for you guys at the SEC? 2nd time is the charm?
Dear ZH & Co GmbH and readers:
Expect more:
1. More issuance withdrawals due to "market conditions."
2. Widening risk premiums (spreads).
3. Outflows from ETFs and high-yield mutual funds.
I would like to see one last chart that sums up each level of heat color. i.e. I would expect to see one huge red block, then a smaller dark red block, and on down to the smallest (which I assume might be the light blue block). I dunno if that would be meaningful or not, but it's hard to judge the amount of each color when they're all jumbled up like that.
The 'jumbled up' display has much more meaning when it's applied to a known map, like a geographic map for example. This heatmap is simply organized by size. It's like the inherent problems with a pie chart - angular areas are much harder to compare than simple bars.
looks more like a cloth display for a nice quilt
Or could be the tartans of the various Scottish clans.
OT, or not
Berkley Burning, entitled students rioting:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/02/26/BA481C7Q9I.DTL
classy.
the pitchforks and torches have to start somewhere. certainly glad i'm managing a portfolio and receiving a pension/social security than boning up for a job interview when i can't pay next term's tuition.
ah, they rioted 10 and 20 years ago when concerts got canceled, when Des Moines riots, I'll notice.
Why not stick to green red color scheme?
p.s. the high yield yield as reported in the nyt doesn't look very scary. perhaps the truth here is also not fit to print (re: judy miller, et. al.)
Uh, this is wrong.
These bonds still have 10% carry. Indexes and funds are UP both months this year. Price action was off tiny in Feb... then you earn the coupon. Duh!
Why is there so much blue around AIG??
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/summers/Finance%20-%20Government%20Backstopped.jpg
bit off topic but what about impending doom on muni side. whats going on w/ harrisburg pa interest payment? its march 1 !!?!? !!?!?!
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