Stock investors wonder whether the bond market knows something they don't

It's a question asked in a foreboding tone when markets behave a certain way:"What does the bond market know that the stock market doesn't?"

Yet there are reasons to doubt that there's any inherent inconsistency or acute vulnerability to the market in the current trend of strong stocks and subdued yields. Taken together, slim bond yields, a gentle Fed and ebbing volatility tend to support or expand equity valuations, even with corporate profits seen going flat in the first half of the year.

And big growth stocks – those promising many years of expected rising cash flows to come – are leading again: The Russell 1000 growth index has outpaced its value counterpart by 1.5 percentage points in the past month. The 52-week high list from Wednesday speaks to this preference, featuring the likes of Mastercard, PayPal, Intuit and American Tower.

Who on earth would buy this market above 2800?... Wake me up sub 2000 and I'll get excited about stocks again

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