The threat of rising interest rates from the Fed's Jeffrey Lacker and rumored cessation of government and corporate bond buying by the ECB had the effect of putting the kibosh on all manner of assets in Tuesday and Wednesday's trade.

Anything considered "high yield" took it particularly hard on the chin.

Traders that put names like Altria Group (NYSE:MO) into the high-yield box kicked the butts out of them, causing the price to fall and the yield to rise. Well, if these traders felt that a former 3.22% yield was high, what must they think now that they've caused it to rise above 4% due to their reckless selling of this tobacco giant?

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