What happened this week:

  • Manufacturing is good
  • Cash yield of S&P 500 fell from 7.55 in March to 5.32 in June
  • Pending home sales are down 13% from December, just 6 months ago
  • Junk bonds and derivatives are crashing, some CDS indexes are in panic
  • It was a continuous panic in junk bond/credit default swaps markets
  • I was in vacations, so missed a lot of action