Are Treasury Yields Leading the Way Down?

Money is flowing towards safety.  It's moving towards income-oriented investments.  I want to see money flow into areas where investors seek capital appreciation.  That's not apparent right now, however, as treasuries, healthcare and utilities are all attracting much more than their fair share of investment dollars.

While the S&P 500 gained 4.3% in February, the 10 year treasury yield ($TNX) didn't budge higher.  Put another way, a true equity market rally should see a selloff in treasuries (and higher yields), but it didn't happen.  In fact, the yield is significantly lower now than it was to start the year, despite a rise in the S&P 500.  Investors are keeping their umbrellas out.  They're not trusting this rally.  

From Tom Bowley at Stockcharts.com