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Credit Not Buying The Equity Rally
The credit market is worse for the day at 124.5/126, +0.5bps wider, while equities are stuck doing their own thing as always. (although seems today 3.30 was the sell program activation moment for a change).
In the meantime someone is punishing the TICK, with a concerted effort to buy everything to prevent the drop.
Wonder who that M16 someone is....(all times PDT)
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