The rest of the global marketplace is harshing the mellow of US bond markets.  Treasuries and MBS are wondering what all the fuss is about, having had their nice rally already.  Now they're watching the rest of the world catch up, all the while not looking too happy about being dragged to even stronger levels.

In other words, the bond rally was looking long in the tooth by yesterday when a massive day of selling in stocks (worst since 2011) failed to motivate a commensurate move in bonds.  Same story this morning as plummeting stock/oil prices have only been good for token rally in bonds. 

All that having been said, I'm not complaining!  After the ground we've covered, merely holding ground at unchanged levels would be a victory.  Just be aware of the signals that bonds are sending.  They don't look keen to improve from here without an increasingly epic supply of negativity and panic regarding the global growth outlook.  So if stocks et. al. happen to find some traction, bonds might have some pent-up selling to do.