JNK breaking down.

In this post showing the weekly chart of JNK, I suggested that JNK was in the early stages of a breakdown.  Since then, the ETF rallied along with stocks into wave 2.  Now, however, JNK appears to have peaked in wave 2 and is now beginning to roll over pretty hard.  Junk bonds are the canary in a debt Ponzi coal mine because they are one of the weakest forms of debt out there.  Watch JNK carefully if you want to know what is going to happen to the broader markets.