Why ? The telecom crisis was a good down shift. Strong funds have junk and above junk funds - they are superb pickers. Argentina may cause a little calamity but and I re-iterate the rates are not going up why would you not buy junk ? Or do you think you have a better place for funds ? I am just asking. As for the stock market - I buy some drug/health care and used to own energy and a little gold (yes it perked up) other than this the market is very shaky and in a down trend. hard to see any other place vis a vis risk - return. Some are looking into foreign bonds as well.