HY such as HYG and JNK negatively diverge from equities suggest stress is returning. There is no getting around the US is in a tightening cycle, so get use to excess flush. 1Q16 US Default surpassed Lehman Crisis with energy and materials leading. Technology, and perhaps even biotech is next, especially after VRX debacle. April will be a wild month, as 30 energy companies have coupons due. Below is the recent divergence of HY vs. equities.