2 worrying charts, 1 each for bond and equity investors

You are a bond investor. 

You can accept lower bond yields as bond prices are going up.  Life is predictable and good (we won't confuse the debate by introducing real and not just nominal return analysis).

And then 2013 happens:

That's a lot of 2-4% annualised coupons...

Reduced stability and a high likelihood of negative real income growth = investors should not prefer bonds. 

Turning to equities...

You are an equity investor.  You appreciate that fluctuations occur in the equity market but (as above) you struggle to see any value in bonds.  So you are bullish

Survey Results
Sentiment Survey Results Week ending 9/11/2013    Data represents what direction members feel the stock market will be in the next 6    months.
Bullish	45.5% up 10
Neutral	29.9% down 3.3
Bearish	24.6% down 6.7
Note: Numbers may not add up to 100% because of rounding.

But here's the problem, above 45% bulls is a level to start worrying about 'over bullishness'.

Now this would be ok if economies were growing fast...but with consumers under pressure (link here) they are not.  Of course, companies can always squeeze their costs (like wages) but ultimately is that going to make the economy sing?

So both asset classes face challenges.  That doesn't mean there is nothing to do - stock picking in equities and tactical selections in bonds is as good as it gets. 

Adopt a more trading-centred approach.  It is a time to be active and aware...and not to buy passive products.