Junk Bond Yield compared to us treasury bonds. A comparison that displays the premium in what investors at that time expect for holding a risky assets compared to a risk free rate. This comparison has broken out and currently retesting resistance. Breakouts of this comparison coincide with higher volatility in the VIX and a peaking of this comparison coincides with the bottom of bear markets. One quick look at this chart and it puts things into perspective that a new bull market is certainly questionable theory.