..in credit markets ...corporate yields are coming down amid a roaring credit bull market while the "flight to safety" trade into Treasuries is continuing to be reversed, and occasionally reversed in a panic.
For stock traders and investors this poses a dilemma, for this credit cycle will end just as the last one did (very likely, even worse) but that end may take months or years to play out. That means much energy and angst will be spent being bearish all the while the pieces are set in place for the next credit debacle to unfold.
---Kevin DePew, Minyanville Buzz and Banter, 4/5
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