Market Update

In light of Dow 14k, I wanted to see if that had prompted any kind of willingness to take risk by the smartest of smart money, the credit markets.

Here's what I found, it's a bit disturbing, but not unexpected and for you FX traders, the EUR/USD short is starting to look more and more attractive.

 No risk in the most liquid of credit ETFs representing High Yield Corporate...

 The disturbing part is the trend, it's also the part we had been waiting for, but even I didn't expect such a clear message from credit traders of 100% RISK OFF unlike equities which are on the other spectrum of the smartest of smart money.

 High Yield which has been strange in a sideways chop was clear about today's move vs the SPX.

 Junk Credit wasn't inspired to take any risk (vs the SPX)

 The trend here is even worse than HYG.

And the unshakeable Euro, for once not leading the market...