Quality spreads are interesting. The much-feared commercial paper market shows improvement. The currently-ignored long term corporate market is still in a panic. The high-yield/Treasury spread has been widening as fast as the CP spreads are narrowing. Here is the Federal Reserve's daily graph of commercial paper spreads:


It's unusual for all 30 DOW stocks to decline on the same day. Aggressive investors may want to take advantage of Friday's sell-off. Conservative investors will be glad they stayed out of the fray and could sit on the sidelines until the Treasury curve is completely normal. It is still inverted from the 6-mo. to the 12-mo. maturity.