At least when the drop comes, it's bankable. The pattern has repeated many times - when one EU issue is sorted, the bond traders focus on another. So unless the solution-of-the-week looks like the final answer, I wait until we near the highs and then start adding ALMI shorts.
On the other hand, if it's in no-mans-land and the EU looks like they're ramping up an idea, long is generally a better place to be.
Watch the Italian 10-year bond. If it stays above 7% for an extended time, I'm personally selling the bounces. I sold some today, will add more when we get above 29500-ish. Seriously, bring on the all-time highs.