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Stocks Bargain Basement Is Empty, O'Neill Says
Which sector would you avoid?
O'Neill: Share prices on many closed-end high-yield bond funds have become speculative. The aggregate market cap of this closed-end fund sector is up an incredible 90% since the March low. The massive comeback in the high-yield bond asset class has been accompanied by dramatic discount-narrowing in the closed-end fund sector. The market-cap weighted average discount for the sector has narrowed from negative 16% on March 9 to positive 5% today. We believe the easy money has already been made in high-yield bonds, and investors should not pay premiums for the closed-end funds in this sector. Follow TheStreet.com on Twitter and become a fan on Facebook.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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|---|---|---|---|---|
| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
Oil *
101.78
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26.41 |
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2.99 |
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10.02 |
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0.44 |
10 Yr
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SPDR Gold
151.62
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-0.21%
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-0.23%
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-0.35%
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-2.71%
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