I took my gains in TLT as the economic numbers didn't give market participants a reason to alter their expectation of continued QE. The easy trade in treasuries is over in that we were deeply oversold, at long term support with very negative sentiment. We have spent the past two weeks trading slightly higher and working off the oversold condition.
I believe treasuries still have more upside in the next week or so but because this is a counter trend trade I have decided to err on the side of caution. I picked up my penny in front of the Bernanke Bulldozer.