Average Joe Really Did learn His Lesson
Used to be when the average retailer jumped into the market the "top" was put in and then here comes the crash. Guess what they didn't this time. They really did learn their lesson. People opining, like Mr. Loudmouth Santelli, why Tbill yields are declining is for an obvious reason. The boomers want bonds. Stop trying to sell them these new yet ridiculously priced IPOs. They aren't buying, and good for them.
They finally see the gimmick. Management IPOs a small portion to jack up prices then dumps come expiration. Oh wait the average retailer didn't bite. So the stocks crash.
It really isn't a mystery why bonds are still being bought. It is simple demographics. That doesn't doom the stock market necessarily because the professionals crave yield. And you get that in the stock market.