What do the traders here watch to see the correlation between hte stock and the bond market ? Assuming SPX as the proxy for the stock market, should one be using TYX, TNX or perhaps something else ? Also, I see that the T-notes etc are traded in the futures market on a par basis, 100 etc. How does one understand this by just looking at the price action of TYX ? For eg. there is almost a 1 to 1 correlation between the SPOT and futures for the SPX. I assume some such correlation exists between the TYX and the bond futures. I don't neccessarily need a detailed answer. A pointer to some books, online sources will suffice. Thank you.