Eddy Elfenbein submits: Make no mistake, this rally is for real. The reason I feel comfortable saying that is that stocks have been marching higher right along side bonds. As long as those two stay together, the bull can keep charging. The time to get nervous is when you see stocks and bonds part company.
Here's a chart of the S&P 500 and my bond market proxy, the BTTRX mutual fund:
The long-end of the yield curve has dropped about 60 basis points in the last five months.