Today would have been quite interesting, had it not been for the damned buy-the-dip crowd. One area, however, that’s really starting to break down is high yield bonds. Check this out:

Indeed, the HYG and SPY are diverging quite nicely:

Anyway, like I said, the day started off great……..but, Jesus Christ on a pita biscuit, there is NO selloff permitted more than two or three *(#*(*)#*(#*)#%&(@ hours in this stupid “market” we pretend to be trading, so (courtesy of our friends at ZH:)