This article explains how small investors are leaving mutual funds and buying bonds.
http://www.nytimes.com/2010/08/22/business/22invest.html?_r=1&partner=rss&emc=rss&src=ig
Now look at TLT, the 20 year bond. I am not sure why anyone would want to tie up their money for 20 years at low "yield" aka interest rates. But you can buy and sell these things, so you are not truly locked in.
But this chart seems obviously exuberant.
I may add more to this post later on. I used to do a chart of mutual fund money flows, which I thought was pretty cool, the data is available, but as discreet data it doesn't speak clearly like a chart does.