Update: Credit / Risk basket

For the most part we have good confirmation, High Yield Corporates are acting a little worse then the market, High Yield bonds in general are selling off at a faster clip then earlier this morning, commodities are in line, but financial momentum is a bit stronger then the overall market and the S&P is actually below the Euro correlation which leads me to believe 2 things, 1) the macro environment is getting worse as credit is selling off worse and 2) short term the market has maybe overdone it a little on the downside which argues for an oversold bounce as mentioned earlier. I'll be looking to add positions on any price strength as the macro environment is deteriorating.

The Euro is settling in around the $1.2930-$1.2940 area, so downside momentum has stabilized which will help open the door to an intraday bounce. Think about which stocks you like and set some alerts, you may get one last chance to set up some nice positions, (i.e.- AAPL).