The tape feels horrible. The lack of liquidity is concerning. The equity market is negative on the year. Treasury bonds, on the long end of the yield curve, continue to fall in yield. There has been a significant flight to quality. The current yield on the junk bond market is 6.81% relative to a yield on a 5 year treasury of 1.29%. The current spread between junk and treasuries is currently around 5.5%.

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Market in a Minute 2015-1-21