The problem with rising short-term bond yields is that they boost the cost of acquiring and servicing credit, and thus they stifle domestic demand.

If bond yields keep rising which I think they will, then not even stocks are safe from a welcome decline in energy prices. In this case lower energy prices could prove to be a Trojan horse unleashing a problematic rise in market rates.

A rise in longer-term bond yields would arguably be seen as doing some of the Fed's tightening work.

From a technical standpoint, we're at a place where we could see a short-term advance, as long as the numbers going forward aren't ridiculously awful.

So far, Japanese shares have risen together with a rise in long-term bond yields.

On a very short-term basis, you got a little oversold last week, and on a technical level, this is a pretty good place to get a bounce. In the greater scheme of things, last week's movement was significant, in that it was a stronger wave of selling than we've seen in a while.