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I went in too early and got hit - still underwater - but this was a nice rally in bonds (yield is inverse to price).
Bloomberg covers the story here. The short trade got too crowded.
A JPMorganChase & Co. survey showed that investors who are short the Treasury market was at its highest level since March 2007. The pending home sales data show housing may be at risk of weakening when homebuyer incentives, which were extended in November, expire later this year. Unemployment close to a 26-year high and weaker consumer finances remain hurdles to a sustained acceleration in home sales that would help fuel the economy.
