Whilst the broader market saw moderate weakness across the day, there were far more notable declines in the usual (junk) suspects. Chesapeake Energy (CHK), Freeport McMoran (FCX), and Seadrill (SDRL) settled lower by -4.1%, -7.1%, and -7.9% respectively.
It is notable that whenever the main market is just a little lower, the junk gets smashed very fast.
If you are also of the mindset that we'll see the sp'1600s this year, it is not exactly difficult to come to the realisation that many of the junk stock are going to be hugely lower from current levels.
*I would expect at least one to file for bankruptcy within the next 2-4 months (probably CHK), with one of the other two by year end.
The balance sheets should be clear to anyone... yet no doubt, the mainstream will be 'ohh so surprised' when the implosions occur.