Here’s a chart from Bespoke that may serve as something of a litmus test for your view on the market. It’s a simple chart of the iShares iBoxx Investment Grade Corporate Bond ETF (LQD) and as you can see, it’s really started to break down, even as the market powers to brand new highs. Bespoke wonders if it’s augurs something negative for the equity market. Maybe. But as the chart below of the iShares High Yield Corporate Bond ETF (HYG) shows, maybe investors are just tiring of mere corporate-grade debt, and figure they take on more risk.
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