TLT Also Getting Ready to POP?

If so, then you have a perfectly bearish arbitrage with VXX up, HYG down and if TLT joins, VERY BAD for the market.

It may be some short term accumulation of favorable prices, but where it is and when, you have to consider it as a market moving factor. I'd set alerts for an upside move, it won't be pretty for the market as long as HYG and VXX stay on their early courses.