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.


  1. I will personally take credit for the flat spot then leg up at the end of September to mid October on that Spain chart.

    1. Oh come on, you didn't drink that much. There must have been a half dozen teenagers from Belfast in the country that week.