"Fixed Income's Sharp Reversal
A massive reversal in the fixed income market with the high yield index up a WHOPPING 20%+ year to date.
What's so amazing is how fast the reversal has taken place considering most of the underperformance in the credit market didn't really occur until September 2008.
And now... the sell-off and rebound which was technical in nature (i.e. forced selling / opportunistic buying), now becomes a question as to the fundamental value of the security.
Source: Barclays Capital