What the junk bonds are telling here, is that the bears are momentarily a little ahead of themselves – as stated in yesterday‘s key analysis, the tech earnings: Q2 2022 hedge fund letters, conferences and more (…) wouldn‘t be as disastrous as is the market‘s expectation – suffice to look at Tesla. And if they are smart to avoid guidance for 2H 2022 (second half), S&P 500 may not stop above 4,030s in the least. HYG holds the key now, VIX isn‘t about to spike sharply, and the dollar isn‘t on a tear either. Macroeconomically, we have many leading indicators dipping negative – such as the new orde…