When, not if, will bonds take a beating?

I don't think many people expect interest rates to stay at their current low levels indefinitely--unless you are in the end-of-the-world camp.   


This article: Bond Funds Are Too Expensive. Try Covered-Call Strategies Instead discusses alternatives to bonds, specifically covered calls.  Unfortunately covered call positions get mauled in bear markets (typically they turn into long equity positions that you have lost lots of money on).


It is probably fair to assume that when interest rates start increasing it will be because businesses are doing well--which bodes well for equities.   Bonds will probably take a dive before it's equities' turn again.  


Might be a good time to put in limit orders on bond positions--usually when these trends reverse they go fast.