This part of the market held up 'remarkably well' in the face of last week's brutal sell-off

Nick Colas, the co-founder of DataTrek Research, agreed with Hempstead, noting that even as high-yield ETFs such as the

were selling off last week, the action "didn't have a profound effect on the high-yield market" as a whole. HYG hit a new 52-week low on Monday.Now, he's advising clients to watch two key levels on the"We gave our clients two levels to look at on the VIX. The first is 42," Colas said. "[If] the VIX goes over 42, you buy."

The VIX hit 49.48 on Friday, the highest level for the index since 2009. On Monday, it fell to near 32 by the close."The second level where you pile in is 55 and above. That's a real crisis, a down 5% day," he said. "It shouldn't happen, but it happened for most of Q4 '08. You buy at those levels, you wait three to six months, you have a gain. So, those are the two levels to watch for a bounce.

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