Credit Deteriorating, Bulls Taking Hits and Doing Nothing

Apple and Microsoft fell 10 percent the past two days, and still no spike in VIX. Credis spreads are now jumping because high-yield bonds are sliding with stocks and government bonds have started rallying.
I like TLT short-term here, but the long-term picture also looks pretty good here. This could be a major low in TLT underway.

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