Would not junking GM bonds further narrow the spreads? By the way, my analysis of the markets internal show a divergence between the indices (new reaction lows) and various strength indicators such as AD, Up/Down volume, stocks above the 10 DMA and 200 DMA, all indicating that the January 4/5 period was the low in the latter indicators, and these are holding at much better levels today with the indices breaching.
Of course, I remain bullish with cash at 8%.
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