The trend up from the Sept low has broken; it's not just a dip. Given TBT decay the bottom will likely be lower this time than the $29+ it hit for last year's low. Everyone has been expecting treasuries to fall with the end of QE2 in June, but it probably isn't going to happen. If it were, rates would have been rising in anticipation of that. When June comes and nothing happens to bonds, TBT will likely start a prolonged sell-off. Could go a lot lower than $25 IMO.