Seven Straight Down Days In Europe. Where Is The Fear?

Seven Days Down, Nobody Cares

Europe has quietly put together its longest losing streak in months, but this still doesn't look like panic. Seven down days have barely moved vol, flows remain subdued and the broader uptrend is still intact.

The more interesting question is whether this is simply another summer reset or the start of something more meaningful. Momentum has clearly softened, but positioning is cleaner, the structural bull case remains intact and some of Europe's strongest leadership is approaching familiar buy-the-dip levels.