Has anyone used High Yield Option adjusted spread as a bull/bear indicator? Its the spread of non-investment grade bonds over treasuries. The idea is the tighter the spread gets, the weaker the credit standards are.
The data is available St. Louis Federal Reserve site.
[https://fred.stlouisfed.org/series/BAMLH0A0HYM2](https://fred.stlouisfed.org/series/BAMLH0A0HYM2)