I follow the daily junk action by comparing my fund's performance (FHYTX) to long-term treasuries. Doug Noland's weekly credit bubble bulletin at Prudent Bear usually has an update on the junk bond action and often gives hostorical comparisons.
“The things that will destroy us are: politics without principle; pleasure without conscience; wealth without work; knowledge without character; business without morality; science without humanity; and worship without sacrifice.” Mahatma Gandhi