The HYG and SPY usually tag along together, bosom buddies, although usually corporate bonds tend to weaken in advance of equities.

Choppy trading in stocks is likely to continue even though 4,610s are closer than a break below 4,550s at the moment.

Getting the right mix of bond types is important for achieving a well-rounded investment portfolio.

Following the October swoon, stocks have vaulted to all-time highs. As I discussed previously in "Sentiment Is Off The Charts Bullish," there have only been few occasions where investors have felt so "giddy" about the financial markets.

Sentiment on stocks continues to be a mirror image of the gold market. Investor complacency is quite pronounced, to put it mildly.

Commodities were weaker across the board but WTI and Brent were cracked again to new multi-year lows (Brent under $80 - lowest since Sept 2010) as Brent-WTI crossed under $3.