Duck and Cover from These Two Charts

Although they have been readily dismissed by equites bulls, high yield corporate paper and junk bonds both point towards a decreasing appetite for risk on the horizon. On their respective ETF daily charts, below, you can see that high yield corporates and junk have failed to confirm the rally in equities since October. Beyond that, the threat of a breakdown to fresh lows is very much a reality, especially given today's potent action to the downside. If this type of action persists in the high yield realm, it would make my prospective short ideas on the extended major averages and stocks more viable for me to initiate.