The Bond Market...

...tells a frightening story. Bloomberg reported today that "the Dow Jones CDX North America Crossover Index of 35 U.S. and Canadian companies surged $36,000 per $10 million in bonds to $151,000." That's 31%. That's a record high (since creation in 2004). That's the top of the page. The bottom of the page says that "the CDX index fell to $107,500 on Feb. 22" which was a "record low." Hmmmm... From record low to record high in just five days. Wow! Maybe that makes me nervous because I've never seen this before. Wait, no one has ever seen this before, because the index was created in 2004. If this doesn't scare the pants off of everyone, I'll be very surprised. It makes me consider selling everything...