Who’s Leading You Astray?

From NFTRH 537’s Market Internals segment…

“Who’s leading you astray, nominal Junk or its hidden bearish indicators?”

hyg

Junk has since made a new high. Whee, party on Garth!

junk bonds

Junk/Investment Grade is not buying it, however.

junk vs. investment grade bonds

Nor is Junk/LT Treasury.

junk bonds vs. treasury bonds

Notice how Junk bonds vs. higher quality bonds were in line with nominal Junk at the September highs. Now? Not so much.

Garth is advised to switch from heavily spiked punch to lite beer and evaluate the situation for a bit.

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