If Credit Is Right, The S&P Is Facing A 40% Crash

...and credit is always right in the end!

1,100 is the target...


High Yield bond yields and Leveraged Loan prices are at their worst since 2009 as it seems the hosepipe of QE3 liquidity (its the flow not the stock, stupid) is slowly unwound from a buybacks-are-over equity market.