We mentioned last week that 117 looked like the long term support level for TLT.....a level that was penetrated today. The mood has clearly become bearish for bonds and prospects for a recovery are cloudy. These developments put a damper on recent TLT Ponzo forecasts which suggested modestly positive action for the next 18 weeks. AND, if Yellen's hints that March will see a FED rate hike come to pass the odds for a Treasury recovery diminish even further.