Kudos to Andrew Yorks via Zerohedge! In this magnificent [insert surrogate for article] and chart, they illustrate that yields have not followed the positive pseudo-polynomic relationship with the nominal USD-denominated SP500 index. My explanation is that the market is levitating with the help of the liquidity pumping of late 2011, in which bond prices and yields don't move where they should, generally responding badly to an equity bull market (bond prices falling). If you price the SP500 in gold you see the excess liquidity and that, since investors do not demand higher yields, there is no such a bull market.
Let's see what happens with some shiny stock that has a RSI over 70, all hedge funds in da house and no suckers left to buy (hint: AAPL).
On the other hands, one must take off his hat to the Houdini Fed guys.