At overnight value low and mid-range. Extremely oversold. 2 to 1 risk reward. Could be a quick vacuum type move during the initial balance. I'll be looking for some type of consolidation around the mid-range to get long.
When all the $trillions of BBB corporate credit gets downgraded to junk... many if not most large institutional investors will have to sell (due to their bylaws) because they're not allowed to own junk. Wait for repricing to occur and buy the junk for pennies on the dollar.