I do not want to be a deflationist. I do not I tell you, because this chart (among several other indicators) continues to say "do not be a deflationist in 2012".
TLT holds support, but is below the EMA 50 and is MACD zero-. There is a strange correlation in play as the stock market is coming due for a correction and you would think that would be good for T bonds. But then again, the last few months have featured the stocks, T bonds and currency of the mighty safe haven (LOL) known as the US all in out performance mode together. So, can what out performs together also under perform together?