My thinking is that all the market has to do is stabilize. If the bonds can hold a stable price I'll be happy to collect the interest payments. If the yield continues to rise I'll keep buying.......as long as the bond prices aren't falling faster than the premiums are coming in.
High yield bonds cannot do well unless the stock market does well. Why is it so? Is it because the declining stock market increases the junk bond default risk? In addition, should the bond market "bubble" burst, the junk sector would get hammered too.