The S&P recovered roughly half of its losses from last week today, decisively breaking out of the consolidation pattern that had been in place through this morning.  Bonds, on the other hand, are still in the consolidation pattern that accompanied the stock market volatility.  In that sense, it was a good day (i.e. no one would have been surprised to see bond yields rise in concert with the big bounce in stocks).

Bond traders could be waiting to make their move until tomorrow afternoon's Fed Minutes, or bonds could have simply benefits from a glut of retirement account funding associated with yesterday's tax deadline.  Either way, they were clearly not willing to rally in any significant way.  We still need to see 10yr yields break below 3.13% and hold those gains for a day or two before getting more optimistic about a bigger-picture bounce.