Market Reaction To German 'TARP' Vote

A very small initial rally has given way to more significant selling now as credit and equity markets pull back, EUR drops, and Bunds have rallied 1-2bps. Selling the news makes some sense but is hardly confidence-inspiring...especially given sub financials (light blue) move - though we are sure we will flip-flop for another or two yet.

UPDATE: Bunds at low yields of day now

Perhaps the phrase - we're gonna need a bigger boat  - will become more popular vernacular today.

Chart: Bloomberg