Regardless of the puny sell-off taking place over the last few days the S&P500 (^GSPC) has gained 2.5% over the last month. At the same time the yield on the U.S. 10-year treasury (^TNX) moved from 2.8% to 2.65%. By the immutable laws of supply and demand that means investors in aggregate have been simultaneously lusting after equities and bonds.

Pretending for a moment that the Federal Reserve isn't the incremental buyer of debt forcing yields artificially lower, investors should either have a preference for safety (driving yields lower) or risk (moving stocks higher). With bond traders caught flat-footed by the FOMC's decision not to taper last week, the question for investors is whether or not the move in bond yields is sustainable or just a blip.

Count EagleBay Capital CEO J.C. Parets as one of the few traders who thinks yields are headed lower to stay. What Parets loves most about being a bond bull is that so many Wall Street traders are betting in the other direction. In the attached clip, Parets says bonds haven't been this loathed since 2011. Then, as now, the U.S. was facing a debt ceiling debate. When Standard & Poors had the audacity to downgrade America's credit it was supposed to increase borrowing costs. That's the whole point of credit ratings.

Related: America's Downgrade: Two Years Later

Instead bonds rallied 40% sending yields below 1.5%. Parets is looking for more of the same from bonds and a lot of pain for stocks. Noting that equities have taken back most of the post-FOMC pop, Parets says the top is in for now.

It's been a week since the Federal Reserve shocked the world by not moving to rein in (or taper) its bond buying program, but a growing number of people are refusing to let it go and move on. While stocks have reversed after a brief euphoric jump to record highs, the aggrieved parties now are largely regulators and advocates who argue the timing of this latest release and others wasn't fair.

Specifically, reports that certain high-speed traders had access to the FOMC's market moving statement a millisecond (that's one 1/1000th of a second) early, has New York Attorney General Eric Schneiderman fuming, to the point where he's just launched a new whistleblower hotline to field anonymous tips in order to crack down on what he's dubbed "insider trading 2.0".

This is not the first probe into the timing of sensitive data releases, but it is the latest, and perhaps the biggest, as some estimates show nearly a half-billion dollars of the very fastest money was able to get a jump on the merely fast. For what it's worth, it takes about 300 to 400 milliseconds to blink your eye.

"To have that (information) even a millisecond ahead of others is, I think, totally unfair," says Mark Luschini, chief investment officer at Janney Capital Management, in the attached video. "It's not so much that the information is reaching some pocket of the world (eg trading desks in New York or Chicago) slower or quicker than another, it's the fact that somebody was able to trade in advance of others."

There's a catch to all of this that no one really wants to talk about and that is, as often as not, the so-called "first trade" is wrong.