16/16 It led to the conclusion to get out of bonds. The selling stressed the basis-traders and hedge funds and exaggerated it. Is It Over? It is impossible to say. The 10-year yield high yield was 4.58% at midday Friday (tick chart in 2/16). I've argued that no one can predict when such a liquidation wave will over within 6 hours of the highest yield. We are still less than six trading hours from the high yield. Therefore, it remains very dangerous.