The trend this week is clear - investors fear that credit risks will spread through the corporate world, either directly or via lending crunch, but still believe that the market can regulate the issue and that fixed-income assets are safe enough.  I come to that last conclusion by seeing treasuries continue to strengthen against the S&P as well as gold and silver.  Worst hit by credit fears, as could be predicted, are small caps, who are obviously most likely to be hit by more stringent credit standards.