Yesterday closed the book on QE2 leaving a BIG question mark on the future of TLT.  The FED is continuing with a modest buying program as noted yesterday but the days of easy money in TLT are over.  A quick look at Thursday’s chart…the last day of POMO..with a $2-3 billion purchase…leaves an accumulation trail that doesn’t require Perry Mason to detect.  Just after 10:15 the buying began and closed about 45 minutes later..  The ensuing and continued rise was accomplished on extremely low volume and was dramatically signaled by the NYAD cross as the major indices began an afternoon pullback of miniscule proportions.  The VIX is currently at the lowest level in 6 weeks as floor traders report bearish sentiment in abundance, creating a technical disconnect that may lead to a dramatic resolution.