I'm of the school of thought which bears a tattoo stating "a picture is worth a thousand words". And so I'm always hunting for good charts with good stories - and when I find them I'll share them here. Cause I'm nice that way.
So thanks to JPM and their brilliant Q3 guide, I give you two thousand words:
Yes I know what you're thinking with the chart above, but I've burnt a few fingers shorting this monster already. Not that that would come in the way of future shorts....
USD is probably the no-brainer trade for the short to medium term. But despite fixed income getting creamed off late, a 1000 foot view looks favourably for HY still - short term that is. With rates slated to continue to rise, correlations would kick in and all fixed income gets hit on a total return basis.
By CrazyDiamond
So thanks to JPM and their brilliant Q3 guide, I give you two thousand words:
Yes I know what you're thinking with the chart above, but I've burnt a few fingers shorting this monster already. Not that that would come in the way of future shorts....
USD is probably the no-brainer trade for the short to medium term. But despite fixed income getting creamed off late, a 1000 foot view looks favourably for HY still - short term that is. With rates slated to continue to rise, correlations would kick in and all fixed income gets hit on a total return basis.
By CrazyDiamond
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