LQD begs for attention, and we better pay it some

LQD is a $45 billion ETF holding bonds of over 2300 among the biggest and most prominent US corporate borrowers. It peaked last August, and the five month consolidation broke to the downside last week. Now it's clinging by the fingernails to the highs of last April, which are offering some semblance of support. If that gives way, a couple more supports can be found in the 126.50 to 127 area, with a weekly gap at 128.50 to fill along the way. Will it get so low? Will it stop falling if it gets there? Both credit and equity markets could be seriously affected by what LQD does... for better, or for worse! Keep an eye on that 132 support... you know what comes next... Just in case, better be prepared!