Charting The European Spread Massacre
Europe is now closed, which means the ES no volume ramp into the close will likely be next, even as the RISK index trails and allows another 10 point divergence at EOD, for today's pair trade compression opportunity. We will demonstrate it when it appears. Of course, nothing has changed, and in fact things in Europe are getting exponentially worse, with contagion now squarely hitting Italy and Spain, both of which have seen their spreads and CDS blow out in both the past week and YTD. Below is a visual update of the massacre.
In just the past week...
And year to date.
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