RUT 60 MIN
DJT 60 MIN
Another index at an interesting spot is Consumer Staples IXR.
In Europe, there has been a decoupling between Spanish and Portugese bond yields over the past few weeks.
PORT 10 YR vs SPANISH 10 YR
(Spain in Green)
However, the decoupling looks to me like a consolidating bull flag for Spanish yields - a pause that refreshes, so to speak.
SPAIN 10 YR
FWIW, I'll share with you a comment I made in the FT lately, which gives my take on Europe.Blankfiend2
March 30 3:38am
IMHO, the only real solution for the eurozone is to become a true federation of nations, along the US model. Unfortunately, I think such an accomplishment would be rather Utopian for the present day.
You mention the ESM, which is a case study in crisis propagation. True, it may be the newly installed fire extinguisher system for the next crisis, but the pipes have been filled with gasoline in the form of callable capital. When crisis hits, the ability of some nations to contribute that capital becomes doubtful. Indeed, the will to contribute it is already in doubt, given the German reluctance to pay in 11 BN Euros in 2013, as described by Mr. Munchau. The Finns are another example, as nationalistic fervor close to elections caused the EU to delay implementing an increase in the size of the EFSF. The French have Marine Le Pen and the National Front, which captured 44% of the vote in the seats it was contesting. Le Pen is an advocate of leaving the EU altogether. I dare say that as wealthier nations are called upon to support the weaker periphery, we are seeing more radical and nationalistic movements arise within those creditor nations.
The bottom line: At some point the market will throw down the gauntlet and say "Put your money where your mouth is." What happens then is far from certain.
A great read in regard to the ESM and EFSF flaws can be found here.