RFT covered this in an article he published on his blog (article will be extended as soon as top is timed)
Excerpts from article are:
"
There are multiple ways you can play a top in bond market:
1. Shorting TLT EFT.
2. Buying an inverse bond ETF. TBT eft is such a fund. It appreciates when prices of bonds fall (which is equivalent to saying the bond yield's rising).
3. Buying puts on TLT (but we looked at the options, and the bid-ask spread are wide, despite a good open interest. Market markets play games sometimes till rules change and force them to have a smaller minimum spread such as what happened in the penny pilot program for options on some equities such as QQQQ, and other stocks.
4. Selling calls on TLT.
