Too Soon to Say Higher Yields Are Bringing Buyers?

Bonds enjoyed their best day in more than a month and a half on Wednesday, which can't help but beg the question: why?  Days like today require a process of elimination and some guesswork.  We don't have a big, obvious market mover in play in terms of economic data or headlines.  Moving down the list of usual suspects, any time bonds have been as consistently weak as they have been recently, we can talk about "dip buying" (as in traders buying the dip in prices) as well as short covering (traders buying bonds to cover previous bets on higher rates).  Additionally, we can consider the stock market in the midst of it's biggest correction since last October and the possibility that some of that stock selling may be turning into bond buying.  Either way, the important consideration is that this is only one day and not necessarily a sign of anything new as much as it's a byproduct of things that have already happened.