Things aren’t looking good for exchange traded funds (ETFs) that invest in U.S. government debt as the iShares Barclays 20+ Year Treasury Bond Fund (NYSEArca: TLT) threatens to fall back below $90 a share.

The $3 billion ETF “refuses to recover and is now firmly reasserting the downtrend off the high of last August,” said the ETF Review newsletter from Investors Intelligence in a Friday update. “The decline looks set to test the April 2010 low around $87.50.”

TLT was down 0.4% in premarket action Friday.

Treasury yields have been rising since mid-March, pushing bond prices lower.

iShares Barclays 20+ Year Treasury

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.