2007 Equity Peak Followed FX and Bonds

• Am confused by mixed market signals currently : 1. Equities firmly in uptrend 2. Yet, US10YY some 50 bp off recent highs (in spite of apparent bond negative fundamentals) 3. JPY crosses sideways and looking toppish.
• Look back to recent history. In 2007, the credit crisis manifested itself first in FX and Bonds. Equities only started tanking in Nov07, some 4 months after USD/JPY and bond yields had started (Jul07) declining big time.
• If history repeats, expect to find clues of possible Equity top from the FX and Bond markets.
• NOT calling top here just yet (often a futile and costly exercise) but mentally preparing for such a possibility. Gut feel is that substantial downleg (but not necessarily all the way to 666) is a distinct possibility. Watching FX (risk appetite pairs) and Bonds for early warning signs. This time, EUR/JPY is a better indicator than USD/JPY.
  
• FX+Bonds = Mostly professionals. Equities = Greater involvement of retail relative to other 2. Perhaps this explains the divergence/time lag in recognition of market change?
• China factor is another reason I have come across as explanation for equity lag (no credit crisis in China, stocks were still rallying after the West imploded).