Below is a chart and brief excerpt from today's Early Look written by Macro analyst Christian Drake.
| HIGH YIELD - best short-selling opportunity of the month in both HYG and JNK yesterday (Old Wall Bond desks aren’t making that call, ever) with a classic Counter @Hedgeye TREND bounce to lower highs; TREND support for the critical High Yield OAS Spread = +319bps over Treasuries. Don’t forget we have SP500 Earnings #Slowing from +30% y/y in Q421 towards 0-5% in Q2 of 2022 |
