Following a brief dead-cat-bounce into The Fed’s policy error, high-yield bonds are once again being sold for the 3rd day in a row, filling the gap-up from last week. This reality – among others – is weighing on US equities as The S&P just gave up all its Monday morning “stocks are up and they should be” gains.

Credit crashing again…

And stocks not happy…

Who could have seen that coming?