Bonds find inner peace ... for now

You gotta love the bond market volatility -- sure is a big change from what we've seen for the past several months. Anyway, Treasuries staged an intraday reversal and finished roughly unchanged in price. Yields dipped slightly. This begs the question: "Is the selling squall over with?"

One never knows. But technically speaking, there's still room for more downside. I also pointed out that these disturbances in the bond market force historically have resulted in larger price declines than we've seen to date. And over the longer-term, it definitely seems like we've shifted from a declining rate environment to a rising rate one, like I speculated on back in February.

As an aside, here's a quick story on today's market action from CNBC, with one of my comments. The gist: That if rates rise far enough, fast enough, it could threaten the excess liquidity/easy money boom that has fueled so much of the recent gains. Also, I'm scheduled to do Squawk Box Monday morning bright and early (6 a.m.) -- I'll be talking about interest rates, so if you're up with the roosters, feel free to tune in. Have a good weekend ...