Whether bond yields will continue to climb remains to be seen. A major spike for Treasury yields earlier this year led to worries about the 10-year yield ripping above 2%, but the market calmed down over the summer. Gokhman said that the steepening may have already gone a bit too far, and the 10-year wasn't able to hold above 1.5% intraday on Monday.
If yields continue to march higher, it could lead to more days for stocks like Wall Street saw on Monday, with banks and energy stocks rising as tech names faltered.
"I think that period of rotation can be sustained here for the next few months. Probably taking some of the profits out of the technology stocks that have done so well and going into the energy and reopening trades," Anastasia Amoroso, chief investment strategist at iCapital Network, said on CNBC's "Halftime Report."
