This Great Graphic was on the Economonitor, It was originally posted on Capital Spectator by James Picerno.
Clearly, as an asset class, equities did well in January, encouraged perhaps by global investors continuing to return to Europe, the avoidance of the fully brunt of the US fiscal cliff and more signs that the Chinese economy has stabilized.
The poorer performance of bonds is consistent with this general theme, which is essentially the lessened need for safe haven security.
This theme has also been dominant in the foreign exchange market as well. The divergence between the euro on one hand, and yen, sterling, Swiss franc, and dollar-bloc on the other reflects the unwinding of the fear trades.