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Reverse gear on autos
While the overall corporate bond sector has stalled in recent weeks, the auto sector has hit reverse gear. Spreads are at their widest levels of the year and yet the sector finds no sponsorship among end investors; instead it remains captive to the whims of those who tend to be fleet of foot but faint of pocket. The great challenge of trading the auto sector has always been in balancing two factors: the degree to which it is priced off the industry fundamentals and the reality that it acts as
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