From an unnamed investing buddy of Bill Fleckenstein:

A final note regarding the rise of “junk” recently. When “junk” takes off EARLY in a new uptrend, as it did back in April of LAST year, it’s a bullish sign, indicating a revived willingness to assume risk.

HOWEVER, when the junk takes off AFTER a well-recognized up trend, it often suggests slow learners are coming to the party trying to play catch-up. This usually accompanies a big “hot-new-issue” boom and THAT phase ALWAYS marks the end of all bull markets.

We don’t have that “new-issue” fever or a rampant “take-over” fever suggesting a major top but there are plenty of warnings that a correction could hit at any moment and all it would take is some unanticipated “news” event.