Signs of improvement - 10 year Treasury yields

Treasury yields, after plummeting through November and December, have been moving higher for the past month. The move up in yields this past week in the face of continued weakness in equities, suggests a slow increase in risk appetite.

Mind you, the increase in Treasury yields was also driven by in increase in issuance by the Treasury department, as well as Geitner's "China Manipulates" comments. Still, as the chart below shows, 10 year yields are strongly correlated with SPX, so last week's rise is bullish.