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High Yield Stalls

Published Sat, 09 Feb 2019 02:06:57 -0500 on Seeking Alpha

Just like the broader market this week, the rally in high yield credit stalled out a bit. Earlier on Friday, we highlighted the fact that the S&P 500 ran into resistance right at its 200-DMA earlier this week and has been pulling back ever since. In the case of the ETF that tracks the high yield credit market (HYG), we have seen a similar setup. Coming off the lows in December, high yield was a little bit late to the rally, but it quickly made up any lost ground and has since followed the move in the S&P 500 step for step. In fact, this week, HYG even managed to briefly trade above its 200-DMA. In this case, though, HYG ran out of momentum pretty much right at the same spot (~$85) where recent bounce attempts also ran out of steam.
The fact that these rallies in both high yield and the broader equity market are stalling outright at key moving averages is no doubt a focus of technicians, but given the magnitude of the moves off the lows, they had to take a break at some point, so why not at a point where everyone was expecting it. The only test now is whether there are enough bids below current levels to support the market, or will sellers eventually overwhelm the balance.

Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
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Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
MFS INTERMEDIATE HIGH INCOME FUND 2.55   0.0 0.00 0.00 9.58
CS HIGH YIELD BOND FUND 2.49   0.0 0.00 0.00 9.05
PIONEER HIGH INCOME TRUST 9.08   0.0 0.00 0.00 8.94
WELLS FARGO ADV INCOME OPP FUND 8.08   0.0 0.00 0.00 8.81
ARES DYNAMIC CREDIT ALLOCATION FUND 15.04   0.0 0.00 0.00 8.58
WA HIGH INCOME FUND II 6.66   0.0 0.00 0.00 8.40
BLACKROCK CORPORATE HIGH YIELD FUND VI 10.34   0.0 0.00 0.00 8.36
CREDIT SUISSE ASSET MANAGEMENT INCOME FUND 3.11   0.0 0.00 0.27 7.91
FIRST TRUST STRATEGIC HIGH INCOME FUND II 12.35   0.0 0.00 0.00 7.77
BLACKROCK DEBT STRATEGIES FUND 10.73   0.0 0.00 0.00 7.68
NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND 11.62   0.0 0.00 0.89 7.68
MASSMUTUAL CORP INV 16.52   0.0 0.00 1.20 7.37
SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF 107.48   0.0 0.00 6.10 5.71
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND FUND 86.10   0.0 0.00 4.60 5.37

MFS INTERMEDIATE HIGH INCOME FUND - CIF
MFS INTERMEDIATE HIGH INCOME FUND - CIF  


Older articles featuring Mfs Intermediate High Income Fund (CIF):
Weekly Review: High-Yield CEFs - Negative Performance For The Sector
Volatility Warrants Caution In U.S. High Yield
Fallen Angel High Yield Bonds In The Late Cycle
Building A High-Yield Portfolio In A Low-Rate Era
Weekly Review: High-Yield CEFs - FSD Increased Its Dividend For August
Weekly Review: High-Yield CEFs - BGH Announced Its Monthly Dividend For July 2019 Of $0.1482 Per Share
Low Yield, No Yield, Negative Yield - Buy Now, But Don't Forget To Sell
Weekly Review: High-Yield CEFs - A Slight Decrease In The First Week Of July
Weekly Review: High-Yield CEFs - A Slight Retracement For The Benchmark
Weekly Review: High-Yield CEFs - New Fresh High For The Sector

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