michael shaoul joins us now. s saying that the one thing that matters is the high-yield. : is unusual to have a relatively well-behaved equity market. it is sideways. energy has really let the way and high-yield materials has widened the lot. what is interesting is there is weakness and non-commodity sector there's -- sectors. a lot of professional investors are struggling with this question of more turbulent great is energy a single sector? a --e entering joe: what is the answer? : probably the latter. developedf the world trying to get up to the u.s.. i think we are at risk of spilling over into the general equity market correction. alix: what would be the catalyst? michael shaoul: too much pressure on too many portfolios. in a liquidation in this market will send the market lower. lower prices for loan were selling pressure. you do not to have -- need to have a very specific pressured the concern is out there. in one of uncertainty as to what is happening in china. in allege that you had a investment move with

[laughter] michael shaoul joins us now. he got china, emerging market weakness, a pending fed rate hike. michael says the one thing that matters is the high-yield energy market. high-yield in general. it is unusual to have a relatively well-behaved equity market. is what we have in the u.s.. we have gone sideways. energy has really let the way and high-yield materials has widened the lot. what is interesting is there is weakness in non-commodity sectors as well. communication is joining the party. the question a lot of professional investors are struggling with is a question of more turbulence. are we entering a solid credit event? joe: what is the answer? michael: probably the last one. they are trying to think of what august 1998 look like. that included a good u.s. economy. we are at risk of spilling over into a general equity market correction. alix: what would be the catalyst? michael: too much pressure on too many portfolios. alix: mass liquidation or running to the hills? michael: any liquidation in this market will s