Market Update-Trying to Look At Craziness Calmly

OK, the SPY and general market are moving up as was expected in the last update. Credit which was stronger yesterday than it should have been seemed to be implying the market or certain patches of it would see a move higher before they move lower. We need to see a real move higher to confirm the theory I put forth last night , which was essentially to look for distribution in to the higher prices, that gives us an opportunity.

As for Credit, it would have to start to deteriorate at the move or even before, it is starting to deteriorate now, we'll see if it holds.

Here's deterioration in High Yield Credit, it's across all 3 classes.

I think patience is still in order, I also think taking some action at opportune times is in order and that action should follow the highest probabilities which have been and remain a significant move down first.