The Debts of the Spenders: LQD and HYG - Another Look at the Bond Markets

My roots are in equities so I decided to take a look at the credit markets from that angle. Below are 2 end of day snapshots for LQD and HYG, 2 etfs (exchange traded funds) that represent high grade (low yield) and low grade (high yield) corporate bonds respectively.

Talk of basis point spreads and CDS trading terminology still remains somewhat arcane to me since I have never worked at those desks. However, I can read the equities tape fairly well and it seems to correspond and confirm w/what the fixed income blogosphere has been saying - that spreads remain wide and the environment generally skeptical of the equities rally.