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New High For High Yield Debt

Published Wed, 01 Aug 2018 04:30:07 -0400 on Seeking Alpha

As we've seen some of the highest-flying stocks in the market pullback in the last couple of days, we haven't seen much of an uptick in other market measures of risk. Since last Wednesday's close (which was the day Facebook (Nasdaq: FB) reported), the VIX has only risen one point, from 12.29 to 13.29. That hardly signals a white-knuckle feeling on the part of investors. Similarly, the high yield market has seen virtually no reaction. Since last Wednesday, high yield spreads have actually declined slightly. Granted, most of these stocks getting hit so hard have no debt, so they don't have much of a direct impact on the debt markets, but if investors are becoming more risk-averse by lightening up on high-fliers, one would think that there would at least be some sort of indirect impact.
Not only has high yield been relatively unscathed, but the sector has made a new high on a total return basis over the last few days, and that's something we haven't been able to say since 1/26, which was also the last time the S&P 500 closed at a new high. High yield debt is just one of many internal indicators we track to gauge the underlying trend and health of the market.

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Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
CORNERSTONE TOTAL RETURN FUND 11.78   0.0 0.00 2.99 23.15
ZWEIG FUND 9.32   0.0 0.00 1.44 15.73
LIBERTY ALL STAR EQUITY FUND 5.70   0.0 0.00 0.50 8.68
SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST 245.88   0.0 0.00 5.17 2.11
SPDR S&P 500 ETF 269.84   0.0 0.00 5.02 1.86
PROSHARES ULTRASHORT S&P 500 39.13   0.0 0.00 0.00 1.76
POWERSHARES QQQ TRUST SERIES 1 165.10   0.0 0.00 1.31 0.80

CORNERSTONE TOTAL RETURN FUND - CRF
CORNERSTONE TOTAL RETURN FUND - CRF  


Older articles featuring Cornerstone Total Return Fund (CRF):
The Inverting Treasury Yield Curve And The S&P 500
The Yield Curve Is Not Forecasting A Recession
Gundlach: U.S. High Yield Spread Heading Into Recession
More Yielding To Yields Next Week?
Dividends By The Numbers For September 2018 And 2018-Q3
Bond Yields Climbing: Could The Chinese Weaponize U.S. Debt?
Virtus Total Return Has A 13% Distribution Yield But Trades At A 6% Discount
Inverted U.S. Yield Curve? Recession? Not So Fast
The Chemist's CEF Report - July 2018: Treasury Yield Spread Continues To Narrow
Peter Schiff Talks Yield Curves, Inflation And The Looming Recession

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