This rally can't be explained by Fed Model (earnings yield-Tsy yield) alone. 

10-yr $TNX bottomed on 3/9 and is higher since then, with stocks up 8%. Since the $SPX bottom on 3/23, $TLT up just 1.7% vs 32% in SPX. Stocks are trying to sniff something out. https://t.co/jdaRKflhZP