A tale of two charts

With all the concern on the street that the market is getting complacent I thought I'd post two charts that tell the story of where stocks are going loud and clear:

The chart above is a 60 minute chart of the S&P500 SPDRs and as you can see, stocks are basically grinding higher.  Below is a 60 minute chart of the iShares Barclays 20+ Yr. Bond ETF which traders use as a proxy for the long end of the yield curve.  Treasuries are having a rough time for the last week.

Bottom line, as long as this inverse correlation remains intact, stocks will continue to trend higher.

I too am concerned about the overly bullish sentiment in some of the indicators I monitor but with 500 billion extra Euros of liquidity floating around the world and a possible trillion more coming next month, any market correction is liable to be short and swift.  I'm thinking the market may not correct but work off the overbought condition with sideways price action.

AAPL (Apple) reports 4th Qtr earnings tomorrow afternoon.  It will be a market mover, regardless of expectations.