The economy and high yield

I wandered into reading about some high yield ETFs. HYG high yield corporate bonds, and PFF high yield preferred stocks. With the long shadow being cast by a possible GM default, these funds have dropped in price and yields are 9%+.

For those that think the recession is going to be relatively shallow, these might be an interesting play.

If and when I buy these, I probably won't report that event on this blog, as I am trying to focus this on the short term trades.