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Cooperate risk not yet attractive to investors?

AMEX:HYG   iShares iBoxx $ High Yield Corporate Bond ETF
This is one of the few indicators that gives genuine sentiments about the highs or lows made in the stock market. We broke through significant highs in the SPY but the HYG which is a high yield cooperate bond etf didn't budge. Before the stock market rallies this one should rally first.

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