Market Recap Thursday July 12, 2012

I have family visiting today and will be away from the office so I’m publishing an update to credit yields for today’s Market Recap. Regular posts will resume on Friday.

The movement in credit as discussed below was pretty substantial over the past few weeks with bearish implications for equity prices. At some point equity will be forced to face the economic reality being not only forecast but priced in by the much larger credit market.

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