But now for the bad news: the trade won't be over until high yield spreads start blowing out, and presently, they show no sign of doing that. (alephblog.com)
Also interesting is the counter-case of May ’10 which featured no such divergence: the Flash Crash may have been the driver of that dip, and that's obviously unconnected to the macro situation in general and high yield spreads in particular. (qusma.com)
Here's BofA Merill Lynch's U.S. High Yield Spread Index. (bullmarkets.co)