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Stress - spreading beyond equities

Nobody has missed the latest VIX move, but note that US credit protection, CDX IG, has moved violently higher as well. CDX IG has actually surpassed the December highs by a wide margin. Second chart shows SPX vs CDX IG (inverted). Suddenly SPX feels too high. Time for a pairs trade shorting the SPX and selling "them" some credit protection?
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