CHART OF THE DAY: It's a risk-on environment for stocks based on this bond market signal

• The bond market just flashed a bullish signal that suggests a risk-on environment for stocks.
• The bullish signal is based on risky high-yield bonds outperforming relative to corporate bonds.
• This is the second longest stretch of outperformance for high-yield bonds, according to Bank of America.

Our Chart of the Day is from Bank of America, which highlights that the bond market just flashed a bullish signal that suggests a risk-on environment for stocks.