Jeff Gundlach recently warned that the trade that could inflict the most pain to the most people [7] is a significant move down in yields (and potential bull flattening to the yield curve). Citi's FX Technicals group laid out numerous reasons why this is entirely possible [8] (technically and fundamentally) but despite this, investors remain entirely enamored with stocks and, as the following chart shows, Treasury Bond sentiment now stands at 20-year extremes of bearishness.
[9]
(h/t @Not_Jim_Cramer )