Junk Sale

All you got is this moment
The twenty-first century's yesterday
You can care all you want
Everybody does, yeah, that's ok
--INXS

While stocks party on, junk bonds have been reluctant to join the fun.

In the old days, bonds were viewed as 'smarter' than stocks. Movement in bonds often served as harbingers for stocks. The riskiest of bonds thus served as canaries in the coal mine.

Whether that pattern comes to fruition here remains to be seen, of course. The current divergence between stocks and junk is noteworthy nonetheless.

position in SPX