From the summer lows (June 2012) to May of 2013, Junk Bond ETF (JNK) and the S&P 500 moved higher together (green shaded area above), which if history is a good guide, was a healthy sign.

Since May of this year, junk bonds have been creating a series of lower highs, while the S&P 500 has moved higher.

Joe Friday…If history is a good guide, the relative weakness of junk bonds compared to the S&P 500 is sending a concerning message about stock prices in the future!

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past