Whether you want to believe or not, study market cycles long enough and you will come to find that: ALL PROBLEMS START IN THE CREDIT MARKET...ALL OF THEM!!!!
To Wit: DHY often presages turns in the major market averages, and moreover, within corrective phases, often has a clear technical picture than the major averages, making it a good proxy for timing the rest of the market. DHY has led at most market turns. Most recently at the March bottom, DHY bottomed several days before the major averages, giving advanced warning that a major low was in. Now, if you look at a shorter time Frame chart of DHY, you will see that it has rallied up in three distinct waves off the March bottom, and has now "touched" the bottom trendline of the Consolidating Triangle B wave that has been in place for 12 years. This should mark the terminus for the rally in DHY. The implication would be that the general market would not be far behind.