This is THE buy opportunity of the year. It may go down another buck but remember Bernanke will do everything he can to save the stock market. That means in case of another sell-off QE3 is behind the corner. Junk bonds will become JUMP BONDS!
Today was quite a separation from the SPY. I assume this is realted to the Greece default and potential cascade effect. Whether today was a good buying opportunity, I'm not sure. Either way, this does not bode well for the economy.
In past hard selloffs in the stock market the nav for jnk often trades below its nav for awhile - that's why I wrote if you're feeling lucky pick up some more shares since you have a cushion. This sharp discount to nav is unusual relative to the past couple years - usually it's about a half percent. I wasn't following it during the Lehman debacle in 2008 - perhaps it was even worse then.
Monday the nav fell again; I estimate it currently around 39.70- 39.75. Hyg which reports its nav in the evening printed a 90.18 nav Monday night.