The pressure is built up. Many were taken off short positions in the bull spike Oct 15-16. That was a cyclical yield low.
There has been some patience by traders to see if the highs would be retested. They were not / will not be retested. Making new lows now. Momentum sellers will start coming in. We are on the edge TYZ at 127-02+ now. Some commodities (copper and to a lesser extent oil) are starting to show signs of stability an the next move is likely toward higher levels. Equities have recovered smartly and the 'fear' is gone. Soon many will be talking about the Fed possibly needing to start rate hikes in mid-'15 or sooner...again.