2. Let's Interpret Things Negatively
By Jim Cramer
10:00 a.m. EDT
3. Corporate Bonds Still Firm
By Tom Graff
10:09 a.m. EDT Stocks are lower, but once again the corporate bond market doesn't really care. Offers remain hard to come by, and investors who want to buy must pay a price high enough to convince sellers to sell. I went in for some five-year Verizon (VZ - Get Report) bonds yesterday, $1 billion issue, and couldn't get a live offering at all. Among credit ETFs, investment-grade iShares Investment-Grade Corporate Bond ETF (LQD) is in line with the Treasury market (i.e., no tighter) while the high-yield funds, iShares iBoxx High-Yield Corporate Bond (HYG) and SPDR Barclays Capital High Yield (JNK), are slightly lower. HYG shows green on the day, but it mysteriously dropped 25 cents in the last 15 seconds of trading yesterday. So ignoring that oddball trade, both are unchanged to slightly lower. Still like high-yield for a trade, and LQD isn't a bad way to get access to the corporate bond market, especially given how hard it is to get offerings. Long LQD, HYG, JNK.