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It is hard for me to believe that the stock market is up 100% from its 2009 lows and the yield on the 30-year bond was at the level as 2009 at (1) in the chart above.
The yield on the 30-year bond looks to have created a double bottom and has continued to make a series of higher lows since late July. Currently 72% of investors are bullish bonds at this time (see inset chart above).
A big test for yields is at hand as yields are attempting to retest the breakout as support at (2).