We will see the stock market rise as bonds decline only after capital begins to smell the crisis in government bonds. Much will be lost and trapped. Nevertheless, the smart money will begin the shift. We can see how things shifted whereas the spread or premium of corporate debt over government declined illustrating the shift in capital flows.As long as the stoke market does not make a spike high into September, then we should see the rally unfold AFTER 2015.75 As the market rallies, the Fed will break ranks and raise rates becoming more concerned about a domestic bubble. Of course raising rates will only draw in more foreign capital and the rise in the dollar will set in motion more sovereign debt defaults in emerging markets who borrowed in dollars. They will find themselves in the same position as Greece, Unable to repay loans that have appreciated.