HYG, JNK, HY17, And Missing The Trees For The Forest

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Barb Dwire's picture

Not seeing the Sino Forest thru the trees.

ACP's picture

Sino Forest has trees?

Undecided's picture

Cramer doesn't like us :(


Jim Cramer


Oh, and zero hedge? Didn't they say Morgan Stanley went under or something? Maybe that's who you want to follow? Oh goodie! lol
Comay Mierda's picture

I actually agree with him on his AAPL trillion dollar price target. But when that happens a trillion frn's won't buy you a sack of shit. Hyperinflation is a bitch

Miss Expectations's picture

We like Cramer

We don't like Cramer

mynhair's picture

Gave you a TU, but wonder where the other 'm' went.

DeadFred's picture

Cramer and Goldman are the two best contrarian indicators I know. I love reading his stuff for anti-advice. Can't stand hearing him though. Green arrow in a negative sort of way.

mynhair's picture

I like Crammer. He called NG a buy at 14, so I shorted it.

bob_dabolina's picture

You guys are genius.

mynhair's picture

You can get back to pulling your pud tomorrow when the Quick returns.

kaiserhoff's picture

I missed her itty bitty titties.

I really didn't, but Mom says I should say something nice once in a while.  Senile, old Broad says lots of crazy shit.

Myzery's picture

Does HYG's recent dividend distribution have anything to do with the divergence?


Myzery's picture

and the Dynegy holdings bankruptcy and subsequent Nov. 9th removal from HY17?



mynhair's picture

Did you buy at close too?

Caviar Emptor's picture

Credit continues to tell a different story than equities. But that should be no surprise. Credit has become the most accurate barometer of rsik, equities have become the best barometer of monetary expansion ie c banker printing, recklessness and devotion to the Ponzi. 

RiverRoad's picture

Speaking of "missing the trees for the forest".....turns out that "Xmas tree tax" was a scam thought up by the National Christmas Tree Growers Assn. a "promotional excercise" to bring in advertising money to fight off inroads made by artificial trees.  No surprise there as one of the best tax write offs around are Christmas tree farms.  I know a guy (a former CEO of a Fortune 500 company) who has one and he's been laughing all the way to the bank with his for years.  But it must be that they're not such a great gig now with so many folks going with artificial ones.  There were a lot of indignant posts today on ZH about the "stupid tax"......must be the WH is busy reading ZH.....and the tax was suddenly withdrawn today.  Keep on keepin' on ZHers!

midgetrannyporn's picture

The last few weeks have been awash with notes where we have pointed to divergences and convergences both within credit as well as across credit and equity - most recently today's credit-equity divergence. Peter Tchir, of TF Market Advisors, takes a deeper dive to address some of the reasons for the dislocations and why following the relationships we so vociferously highlight can be highly profitable...


I enjoy the macro divergence-convergence of junk bonds to equities talk very much. It is fertile ground where the heavy hand of the fed is highly evident. However, this piece focuses too much on sawdust junk bond arbitration and ETF paper product sales for my taste.

ZeroPower's picture

Excellent read from Peter. 

This divergence speaks volumes about the current situation not only between bonds and equities (i.e. UST10yr) but credit as well, and the ETFs supposedly tracking the underlying.