A lot has happened in the last couple of days. The ECB rhetoric made a more favorable environment for yield hunting by extending the period of its` loose monetary policy which was welcomed by the market on Thursday. I`m not sure it will mean much more than a short term boost and as we could see Friday practically erased the entire gain.
With the good news from US labour market it`s likely that the FED will gradually wind down QE which hiked the entire US yield curve and made a divergence by the core outperforming the periphery so I think the emerging markets will stay under pressure. The better macro environment made the US smallcap outperform SPX and I consider it as a good sign however it`s hard to imagine rising both yields and stock indices in the long run – at least for me.