One month ago I noted the puzzling disconnect between equity prices and junk bond prices. They had been joined at the hip for a long time, but equities had drifted down while junk bond prices had drifted higher. I speculated that the corporate bond market was the one to follow in this case, since it has led the equity market many times in the past. I'm happy to report that this looks to have been a good call, with equities up almost 10% in the past month, and high-yield bond prices (using HYG as a proxy) up a bit less than 2%.
HT: Stephen Cook, for bringing this to my attention.