We present a synthesis of colloidal CdTe nanocrystals whose absolute room temperature quantum yields are routinely above 60%. The preparation is based on the trioctylphosphine oxide (TOPO) method reported by Murray, with a more stalbe tellurium precursor now used as the chalcogenide source. The photoluminescence is continuously tunable over the range 590-760 nm and is as narrow as 135 meV (45 nm) FWHM. No deep trap luminescence is detected for the diameter range 4-11 nm. CdTe nanocrystals are characterized by UV/vis absorption, photoluminescence emission, transmission electron microscopy, and powder X-ray diffraction.