A closely watched exchange traded fund indexed to long-term U.S. Treasury bonds rose 1% on Thursday as the ETF tried to reverse a string of seven consecutive down days.

The iShares Barclays 20+ Year Treasury Bond (NYSEArca: TLT) was trading around $115.50 a share on Thursday after topping out just above $125 earlier this month. [Treasury ETF Sell-Off Picks Up Speed as Yields Leap]

U.S. 30-year bonds ended their longest losing streak in four years as the Treasury Department prepared to sell $13 billion of the securities, Bloomberg reported.  The U.S. auctioned $21 billion of 10-year notes on Wednesday.

“The world is not a better place,” said Scott Graham, head of government bond trading at Bank of Montreal’s BMO Capital Markets unit, in the Bloomberg report. “Europe is kicking tires of a possible solution, but we haven’t seen any credible package yet. The front end is getting a pop from what the Fed said yesterday with regard to the possibility of more quantitative easing.”

Treasury yields have jumped recently after investors pumped more than $9 billion into taxable-bond ETFs in September and August combined. [Skittish Investors Flock to Bond ETFs]

Yields on the 30-year bond have climbed back above 3%.

iShares Barclays 20+ Year Treasury Bond

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.