Well, this was initiated couple of months ago. Mary Ann Bartels et al. at BofA Merrill Lynch paints the bigger picture of equities versus bonds, and note today:
From a mid February high, the stocks vs. bonds ratio has corrected and is testing the rising 200-day moving average.
There are not yet any firm bottoming signs for stocks relative to bonds. This suggests that stocks should continue to underperform bonds in coming days/weeks.
Click on chart to enlarge, courtesy of BofA Merrill Lynch.
Should we assume we move towards the bottom of the channel?