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). 

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past