I would say its an early risk off.  With gold falling and Bernanke hints to banks, QE will be turned off/reduced Jun 19. I predict core inflation will be reported on Jun 18 for May at 2.1..a clear QE off signal. The VIX is flat to rising and clearly at a bottom. It has been confusing the last month as the market is nearing a transition point showing oscillations on the TLT:SPY chart around the 10wkma.

The run on TLT will start this month to 124 then run to 135-140 in July-early August time frame.  Low on SPY will be 149-151.

Newsletter advisors very bullish on teasuries:

http://theshortsideoflong.blogspot.com

And also approaching deflation charts over the last 2 years!

http://theshortsideoflong.blogspot.com/2013/05/global-macro-update.html

I would suggest buying TLT at this point (short term gain spec positions).  Core position continues to be in 0 coupons as indicated by the chart above.