For those who follow market and economic cycles other than the traditional 8 year cycle and the 40 year super cycle which all point to some serious downside in 2016 the Kondratieff cycle suggests we have entered a major winter wave which has serious downside implications between 2000 and 2020. We are in the last leg of the down wave that usually has the most downside. The last major winter wave lasted between 1929 and 1949 and covered the Great Depression of the 1930's. Here is a summary from kondratieffwavecycle.com.
The Incredible 13%-Yielding Junk Bond Fund That’s Backed By The Fed
-
Those dark days did do one critical thing for the high-yield corporate-bond
market: made these so-called "junk bonds" too big to fail.
27 minutes ago