High Yield Spread Spikes on Tuesday

The BofA option adjusted spread on high-yield debt should ease back in the coming days, but worth keeping an eye on. High yield ETFs are looking toppy. If the spread breaks out, it doesn't signal imminent market turmoil, but if the trend changes to a rising spread, it's officially a traders market because lower prices are coming in the next 12 to 24 months. What should worry the bulls is how quickly the spread went from totally calm to a near trend reversal.