I just want to point out the action in 10-year high-yield spreads. This is the rate that high-yield bonds are yielding above government treasuries.

To me, credit spreads are all that matter. Stocks are simply backing up in sympathy with the widening of credit spreads.

According to Bloomberg, yesterday was the biggest one day expansion in high-yield credit spreads since August 2011.That's not good and it's no wonder stocks are struggling.

Yet, amidst all of this doomsday talk, it's instructive to step back and look at the bigger picture.

Have we been here before? And what was the outcome back then?

Well, the past 3-month widening has been a touch more quick, but the move resembles 2014 to a surprising degree.