What does the crowded long position in bonds mean for stocks?

I encountered a couple of interesting observations about the bond market on the weekend. First, Tom McClellan pointed out that the latest Commitment of Traders report on bond futures shows that the commercial hedgers, who are thought to be the "smart money" are massively short the bond market.

As well, Mark Hulbert observed that bond market timers are showing an off-the-charts level of bullishness on bonds, which is contrarian bearish.

Right, the bond market is cruisin' for a bruisin'. Since the main focus in these pages is on the stock market, the BIG QUESTION for equity investors: "What would a weak bond market mean for the stock market?"

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