High yield bonds taking a bit of a beating as are high grade corporates.  I think this is part of the aftermath of JP Morgan attempting to get out of the trade.  This may continue for a while.  I had recently reduced my exposure to corporates arguing that the expected return was not high enough.  At least that was a good call (wiping my brow).  The stocks I have purchased have not been so kind.  But, I will hold to my thesis that stocks offer better value over the long term.  If we see a pull back to where high yield bonds are offering 7-8% over treasuries, probably about  a 15% price correction in HYG, then I would change my mind.