when money comes out of equities, it flows into bonds.. Unless money finds another flow route, this ETF is worthless. At some point, the equity mkt is going to take a huge hit, the economy is not improving and then this thing is going to crumble.
CL--there is a pattern of higher lows since last July (on TMV)--I would expect that to continue until sentiment changes to very negative on the long bond. Right now dividends, high yields, etc are still the darlings, even though the trend is clearly changing or has changed as is the case for TLT.