With practically every valuation measure indicating stocks are "fully" valued, "over" valued, or "in a freaking bubble," the last respite of the desperate asset-gatherer has been "well, relative to bonds, stocks are still cheap." That is no longer the case...
The yield advantage of owning 10Y Treasuries over the S&P 500 is now over 60bps (10Y yield at 2.57% and S&P divi at 1.97%)...
The last time this set of circumstances occurred was in September 2014 - after the taper tantrum sell-off in bonds and was followed by a collapse in the 10Y yield from 2.60% (right where we are now) to 1.60% in the next 5 months (and began with the 10% collapse in stocks at the end of QE3 that Bullard managed to save).
Will Yellen catalyze the event next week?