High Yield Spreads

'Cause when the feeling's right
I'm gonna run all night
I'm gonna run to you
--Bryan Adams

Related to the last post, where are junk credit spreads currently? Spreads are blowing out (note spread scale is inverted):

Six month wides. Long term, however, high yield credit spreads average 6 -10%.

The implication, as noted earlier, is possible trend change in risk appetite.

position in SPX