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Top Takes From RealMoney

2. Let's Interpret Things Negatively
By Jim Cramer
10:00 a.m. EDT

A Michigan consumer number comes out. It is exactly what we should expect, and immediately the futures get hit, then the media says the number was not what we were looking for, and then regular selling begins. I have a piece coming up momentarily that says I want to take the other side of the trade. Maybe take in some Amazon (AMZN - Get Report) or Apple (AAPL - Get Report) as it gets closer to $135, although I have said it could trade as low as $130, I don't want to be too greedy...

No positions.

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.

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HYG $82.96 -0.65%
JNK $34.88 -0.77%
LQD $120.06 0.18%
AAPL $95.18 1.64%
ANR $0.04 3.17%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

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