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Day 2 of Stocks, Bonds Moving Together- Despite USDJPY drop- Crude, Gold rally continuing

Day 2 of Stocks and Bonds moving in tandem, a battle that historically has been won by the Bond market.  USDJPY closing down at its lowest levels in nearly 16 months, threatening a larger breakdown below 111, which likely is of real concern to the BOJ after multiple attempts at lowering their currency and Export issues.  TNX meanwhile remains down about 10 bps from highs early in the week near 2.00%, though has bounced a bit off the lows, and Financialsare the 3rd best performing sector.  For now, momentum has neared overbought levels on daily charts for SPX but the uptrend continues, with SPX needing to at least break back below 2009 to violate its 10-day ma which would be the first real signal of any meaningful "Backing and Filling" to come-  Transports and Small caps acting well, but energy continuing to steal the show, and CRUDE having a far greater impact on SPX movement, despite the upcoming contract change, which could distort price action, than TNX, or USDJPY which have been better long-term assets to watch and both have turned lower.  Unless this correlation is suddenly giving way and reversing after the last 2 years, one of these is wrong, and should reverse.. either the Yen weakens with Treasuries.. or stocks fall-  For now, nothing really to do here, and no indications of any reversals in equities, just a few warning signs