Editor's Note: Below is a brief excerpt and chart from today's Early Look written by CEO Keith McCullough. Click here to learn more about the Early Look.
High Yield saw another +11bps bounce (in the yield) to +5.66% but the yield remains bearish TREND @Hedgeye.
The move in High Yield caught plenty of Macro Tourist's attention as it was coupled with the 3rd biggest week of outflows in the history of High Yield. One of the biggest movers (Altice) said they have no plans to raise cash through an equity sale today.
The move in High Yield is a good example of what we call a short-term TRADE, not an intermediate-term TREND. While every new TREND starts with a TRADE, not every touristy TRADE is the new TREND!
