Bond moves are giving us assurance that maybe this leg is not over yet. But hard to say when major policy change is imminent, i.e. taper or not is the question!
This is ugly. it's a good idea to set stop loss as break-even to minimize the pain in testing a new trend even if NKD is a much stronger asset than ES.
Note too that JPY is actually quite good given that US 10yr is so strong due to the 100% QE3 is expected at the moment. The theory is that JPY is strongly anti-correlated with US 10yr price, or strongly correlated with US 10yr rate since Japanese investors are to chase the yield differential between the US and JGB 10yr notes.