Friday, November 1, 2013
Italy and Spain - rollover goes worldwide
Ritholtz and Brown will tell you that the Euro periphery markets flew up when everyone else in the market turned the Euro recovery story into a fad.
Well, now the new fad is selling Euro periphery back down.
For pretty much no reason, since SP10Y is 3.99% and IT10Y is 4.09%, both yields down on the day.
Continued selling of these ETFs after Europe close will prove that.
So I guess the market is now going whole-hog on selling everything and going to cash because OMG the US is recovering.