IEF seems to be at a turning point, where you'd probably expect it to go down from here.
JNK looks toppy, but at least it still looks risk-onny.
I guess one possibility is that IEF breaks down, dropping UUP along with it. That'd be good for PMs, but also probably for US export growth.
Then again what happens with the bonds probably depends somehow on what happens with O'fartbongo and John Boner.