The unforeseen collapse in oil prices could very well undo the HY markets via shale drilling operations being stuck with "stranded assets" and unable to meet their obligations.
This could seed contagion in the wider credit markets leading to a systemic financial meltdown.
I was shaken out (stopped out) of my trade in the October mini-crash, but seem to be back in business for the current Oil induced rout resulting in considerable increased volatility.
Backwardation in the VIX futures would be the "Golden Egg" I have been waiting on an Ebony Fowl to lay.
Steady as she goes, mlads!
Disclosure: The author is long TVIX.