Did we see the top of a 40 year bond bull market last year? 
Nearly every one I follow is saying we have seen “The Top”. I have repeatedly warned about jumping on the bearish bandwagon with this market. See here and here. I do not think this time is any different. It is possible this is a good trade on the short side. I certainly hope it is since I am short right now. But I have not seen anything to indicate that the psychology of the market participants has changed. The first sign of trouble with the global economy, we will see traders jump back in on the long side. The first Fed announcement about QE, we will see traders try to front run the Fed. Until I see price action disconnect from these events, I will remain agnostic.