I expect the long bond to take a serious hit in early 2013.  But the bond (TLT long-term T bond fund shown here) could have unfinished business on the upside before a decline begins.  The target for TLT has been 131 or so, per this chart from NFTRH 214 that shows a support zone at the 50 day moving averages from which it can bounce.

This could come in conjunction with a USD bounce and another deflationary whiff.