The chart speaks for itself
The 115.50/60 zone has been tested repeatedly in the past year or so.
Ryan notes bids around 115.00 but in the big picture, there is very little support down to 110.00.
Even with the carnage today, I don't think many traders fully appreciate the impact of a company like Chesapeake Energy potentially going bankrupt. They've been beaten up but they were still one of the relatively strong hands in the energy space. It means that it could get much, much worse in high yield.
