This summer’s surprise Treasury rally has bonds beating everything from small-cap stocks to commodities -- a worrisome signal to Bank of America’s technicals team. The ratio of U.S. bond futures versus the Russell 2000 has ticked higher since March’s all-time low as the crumbling reflation trade weighs on small caps. It’s a similar story in commodities: After underperforming copper and crude oil over the past few months, bonds are fighting back. When such ratios have bottomed in the past, it typically signals that there’s more bond gains in the offing -- which could dent risk appetite through year-end, according to ... (full story)