Europe's Stress Is Back

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Europe - Europe for a reason

European equity stress remains very high. The gap between V2X and the VIX is huge.

Source: Refinitiv

Very stressed

The V2X vs VIX ratio is almost back to recent peak panic highs...

Source: Refinitiv

Merde

France vs German 10 year spread moving even higher...

Source: Refinitiv

More merde

The CAC 40 is close to the most recent "panic" low close...and the gap vs SX5E is huge.

Source: Refinitiv

and counting

"The bull in not a 2% sell off continues..."

Source: Tier1Alpha

Bond volatility vs SPX

The gap between MOVE (inverted) and the SPX has grown relatively wide again.

Source: Refinitiv

VIX seasonality

VIX seasonality over the past 20 years has it bottoming out later in July. Time to start planning the volatility long.

Source: Equity Clock

Tech - signs of fatigue

Last month we saw profit taking in tech.

Source: Barclays

Don't be a weak balance sheet company

Large caps with weak balance sheets have been struggling lately.

Source: Soc Gen

The short implosion

Need a bigger chart to the downside...

Source: JPM