Dan Greenhaus of BTIG (@danBTIG) offers up a few facts about the market rally that will grab your attention:

Purchasers of corporate debt are demanding the smallest interest-rate premium to comparable government bonds since 2007 Some equity strategists are seeing their six month price targets (established early in December) nearly hit before the year is out. After JPM said on December 11 that high yield spreads would tighten in '14 to 415 bps, that target was hit less than two weeks later In related news, high yield bond issuance, at $324 billion, was the second highest ever and shows no signs of slowing down as yield hungry investors gobble up everything in sight. In the well-respected Value Line ranking system, lower quality stocks are outperforming their higher quality comrades (although this is not entirely a new phenomenon) These are great nuggets. The market is moving higher at a blistering pace, and people are buying junk more aggressively than "quality."
None of this is reason to be bearish, but it is a reason to be a bit concerned.

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