[1]Presented with little comment aside to remember what we said the market ignored in 2007 [2]... and as a reminder, we warned last night [3] that the Hilsenrath article would be spun to the equity-eating retail public as a positive (just another reason to buy stocks)...
[4]
and it's not just the US, European credit is not happy...
[5]
Charts: Bloomberg
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Links:
[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/news/2013-05-11/high-yield-message-bulls-ignored-2007
[3] http://www.zerohedge.com/news/2013-05-12/bond-and-stock-futures-open-red-buying-opportunity
[4] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/05/20130513_cred.jpg
[5] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/05/20130513_cred1.jpg