Lots of Interesting Stuff Going on in Credit

Credit is one of the leading indicators, actually maybe "The" leading indicator; the saying goes, "Credit leads, equities follow/confirm". The Credit markets are much larger, they are much better informed so I suppose it's a little interesting to see how they are behaving this early in the day already and really the overall market considering the moves in EUR/USD.

 FCT is just another one of those indicators that tends to lead and it's interesting that it is moving up around the same time as credit, furthermore these particular types of credit are risk credit, they aren't defensive.

 High Yield Corporate Credit

 HY Junk Credit

 The drop in the Euro which should have sent the equity markets much lower, except maybe for the fact that they are meeting near reversion to the mean.

With the $USD up this much this morning, it's also surprising the market isn't down much lower and that oil is up on what has been a relatively quiet Middle East today.