As we noted earlier, yesterday's ramp and the continued push higher in futures overnight has been stoked by first Japan, then China, and then Europe headlines proclaiming the great news that economic data is bad enough for the central banks to come back to refill the punchbowl... The result, as the charts below show, is 'magical' as the S&P pushes back up to the crucial for confidence positive territory for 2014.

Of course, it's all about JPY carry fueled marginal risk... (notice that there have been 3 pumps in JPY that failed to bring S&P futures any higher for now)...

But bonds ain't buying it for now...

Charts: Bloomberg