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Monday, December 19, 2011
Junk remains buoyant...
JNK is still above support, but JNK-LQD (junk-investment grade ratio) is falling below support. Either these junk bond crazies are the ultimate smart money, knowing the [monetary] fix is in, or they are the ultimate dumb money. I'll go with the latter. Appears to me that smarter bond money is creeping towards investment grade.