"This Summer's Gonna Hurt Like a Motherf*cker"

My religion is reality: We have no members

ZH: Third H.O. in 5 days...:

CNBC: June 17, 2015

"One theory is that "cracks" show in the high-yield market before they appear in the stock market, making divergence between junk bonds and stocks an indicator for where the market is going next. Since junk bonds have been underperforming, the concern would be that stocks are next to fall...At the end of the day, the high yield market is less liquid than equities, so traders tend to be quicker with the trigger finger in terms of taking down risk. That's why credit tends to lead equities."

"On the other hand, the recent divergence might also be seen as a neutral or even positive indicator..."

All Gaps Filled: The sell-off will resume once all of the shorts have been squeezed
Skynet's (Implied) Volatility unwind following the Fed meeting, precisely filled the last gap above...Nothing like crushing the shorts prior to the next move lower...

The Fed is on course to monkey hammer oil and Emerging Markets with a stronger dollar:

Energy stocks and EM stocks

Cue Janet Yellen theme song:

"Her body's hot, but her mind is not
She must be smoking something"...