ERMAGERD JERNK BERNDS!
That look like an ongoing crash to you?
It's looking more and more like the ERMAGERD $7 BERLLIERN ERN ERTFLERS! was nothing more than some amateur hedge fund moron bid-smashing a sell order for no reason.
$7B in outflows dropped junk by 4%, which then freaked out the equity market, which then popped $VIX by over 50%.
So junk is a point of easy leverage against the $VIX.
I mean, you can puke $7B of junk, then after $VIX pops you can take a short VIX position that makes you a 50% profit as the equity market recovers.
Looks like easy money.
Then again, Hanlon's razor:
Never attribute to malice that which is adequately explained by stupidity.