you can certainly trade it and profit from it if you know how interest rate and long bond will do in short term the question you should ask youself is "do I really know?"
These leveraged ETFs are mid and long term shorts, not longs, they decay very fast Treasuries may have found a floor. QE off first made bonds cheaper, but then will hurt growth. When the economy is not strong enough to be self sustaining, QE may be put on again soon. That will actually make bond a strong buy and the sell off after QE off the best entry point.