This is a similar chart to that published by Technician (see related idea below) that shows a clear divergence between stock markets and bond markets. I realize after making this chart that I had identified several bearish
signals in bond markets at the start of the year, and I thought that we would thereby see a stock market correction in 2014. Stocks are the only asset class that has been subject to a sort of risk-off trade this year, and one might suggest that certain factors like corporate buybacks explain the divergence we've seen between the SPX
and the HYG/TLT ratio.