In an interesting but somewhat counterintuitive development, today's big rally in the dollar is being credited as a major factor in breaking the bonds. The reason? If the dollar begins to rally on its own, it becomes less necessary for foreign central banks to support it through purchases of Treasury issues. Hence, less demand for treasuries. Since the Fed will be under no pressure to raise rates to defend the dollar, we could begin to see a steepening yield curve, historically a bullish environment for equities although you wouldn't know it from today's action.