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Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.

Moreover, what petrifies most Credit Investors at this stage of The Cycle is that they know that if A) the curve moves back towards inversion and B) High Yield Spreads start to widen again… then C) credit can be a hot mess at the turn of the calendar year.

In today’s Chart of The Day, Darius will show you what’s NEVER happened before in corporate credit (divergence b/t C’s and B’s).

Never, of course, remains a very very long time, so we suggest that instead of chasing and hoping, you review what happens 100% of the time when profits go negative on a year-over-year basis for multiple consecutive quarters.

CHART OF THE DAY: What’s NEVER Happened Before In Corporate Credit  - Investors Are Unwilling To Chase FOMO In Illiquid Credit