This week's Ponzo updates continue the bullish theme for SPY and the low volatility theme for VIX but the TLT forecast looks very unstable with extreme bullish and bearish outliers at the same time, an outlook average that is bullish and a best fit outlook that is distinctly bearish.
TLT has been acting like a bug in a frying pan recently and any new positions should be small scale of hedged, a la delta neutral or using a longer term straddle IMHO.