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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.

"... As you can see in the Chart of The Day, the volatility of levered investments is starting to move up and into the right of this 3-factor SPREAD RISK chart:

 

  1. High Yield Spread (over 10yr Treasury) = y-axis
  2. Bond Market Volatility (MOVE Index) = x-axis
  3. Total Corporate Credit Outstanding = Bubble Size

 

History shows that once High Yield Spreads have widened meaningfully off the cycle-lows (as they have for the last 7 months), they do not tighten again in the same economic cycle."

CHART OF THE DAY: Got Risk? We've Never Seen A Credit Cycle Like This - pg 43 macro deck HY spreads