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LQD Currently Testing Support Trend Line

For quite a while now, corporate credit has been seen as a safe refuge in a world of ZIRP + elevated equity risk. The common and growing acceptance of that belief has led to a ramp across the board in corporate credit prices, including high grade credit as bundled in the LQD ETF. Well, LQD is currently testing the support trend line of a 1-2 year rising wedge.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.