TLT, the Long Bond ETF, is testing the short-term downtrend once again. Earlier in the month it clearly failed as rates perked up a bit. I think it's important to note, however, that the fund didn't make a new low on this last down leg.
With the recent punk economic numbers a 4% risk-free return is looking a bit more attractive. If I'm right about the economic challenges ahead it could look downright juicy.
Disclosure: long TLT