Individuals and funds are vastly overinvested in bonds and cash as an asset classes and vastly underallocated in stocks. If only a little of this money in bonds is reallocated to stocks, an explosive rally in TBT could ensue as bond yields back up to 3.5-4%. $38-40 seems a good target nearterm. This may be conservative.
This is one of the widest differentials in recent history. Stcock earnings yields more than three times bond yoields. Abby Joseph Cohen of Goldman Sachs sees an explosive stock rally because of this differential. And a bond selloff.