I though with the collapse in oil last few days the Yield Energy sector would be taking it on the chin A bit.It is possible that the worst has already been priced in we shall see . Below are two graphs, two Indices to take a different look at the High Yield Energy industry The first from Morgan Stanley it is the MS HY energy Debt sensitivity Basket consisting of stocks whose relative performance exhibits sensitivity to energy Credit spreads(BBG). The Index has not taken out the March lows so one could posit that more bad news is needed to break those levels?

The Second Index is the Barclays /Bloomberg high yield Energy Spread ,it is off most recent highs, turning a bit higher but similar to the above chart no where near the march levels just yet.Need more bad news? Don’t know if possible