Does this mean that high yield bonds are over-valued? (likely), that Treasury bonds are over-valued, since high yield bonds are priced as a spread above Treasuries? (very likely), and that high quality stocks in a universe of mostly overvalued liquid assets are relatively cheap? (likely).
Oil and its liquid derivatives will remain fairly highpriced, but natural gas will continue to cheapen, increasing the spread between the two fuels to unpr ecedented levels.