Wednesday, November 24, 2010

Whistling Past the Graveyard

The bond vigilantes are going hard after Portugal and Spain.  Spain is the biggie.  Thanksgiving Day gives the turkeys an opportunity to put their heads in the sand.  Ignore the current realities in Europe and stuff themselves and go shopping.  I wouldn't be so concerned about Europe if the market wasn't so complacent.  We are whistling past the graveyard.  Spain 10 yr bond yields are above the highs in May when we had widespread Euro panic. 

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