These days, the motto is "risk on, risk off".
So when you see 10yr and 30yr US Treasury Bonds rise in price (fall in yield), stocks will ultimaetly sell off. Flight to safety play.
Look at Portugal, Spain, and Italy bond yields. When they rise, stocks will ultimately sell off. Risk aversion play. Notice how the WSJ fails to give investors complete data!
Here are some facts for those of you who follow the mindless chatter on CNBC or any stock market blog:
Amounts outstanding on the global bond market increased by 5% in 2010 to a record $95 trillion. Government bonds accounted for 43% of the value outstanding at the end of 2010, up from 39% a year earlier. The US was the largest market with 39% of the total followed by Japan (20%). The considerable growth means that at the end of 2010 it was much larger than the global equity market which had a market capitalization of around $55 trillion.