Since late June, while the Emini S&P 500 (e-SPU) has rallied a remarkable 80% of the time, 10-year Treasury Yield has done a fairly remarkable job of its own on the upside, no?
Since mid-June, Yield has climbed from around 2.10% to 2.76%, and as we speak is circling 2.66%.
If the e-SPU is climbing because the economy is too weak for Bernanke and Company to take away super-easy money, then shouldn't longer-term rates be under Pressure?
Apparently, bond investors have other concerns, such as the fact that the very liquidity that the Fed must continue to provide will become problematic at some point as inflationary expectations elevate.
Every pullback in Yield has found powerful support at successively-higher levels while the equity indices continue to climb.
Yield is exhibiting a budding bull-market profile, too.