From Zero Hedge:
As the S&P 500 reaches new multi-year highs and VIX touches multi-year lows, there is one rather large and risk-appetite-proxying market out there that is not as excited.
The high-yield bond market has seen record in-flows dropping off recently and for the last four to six weeks, high-yield spreads, yields, and bond prices have been very flat as stocks have surged ahead.
Despite U.S. earnings yields at near-record highs relative to high-yield bond yields, we see...
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for another interesting take on the divergence between high-yield bonds and stocks.
More on the bearish case for stocks:
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