From the open last Thursday, high-yield bonds (as priced by the HYG ETF) are down notably while stocks are in ignore any taper news mode. The last 4 days have seen a very similar pattern play out where stocks jump exuberantly at the open, ride through POMO and the EU close, and then drop back in hurry to credit's less sanguine view of the world. It seems each and every ramp in the S&P away from credit stalls at the 50DMA and today was no different.
Credit seems to be a little less excited than stocks... (blue - stocks, red - credit spreads, green - HYG)
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and stocks just can't break that 50DMA...
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Charts: Bloomberg