On a similar tack, the ECB bond buying program, put into effect on Monday, has succeeded in bringing yields at 10 years and under back into the lower part of the range set by Angela Merkel's burden-sharing proposal. If it were accompanied by spreads under 200, we'd think it successful. But 270 seems to be the number for the Spain 10-year. They're going to have to throw more money at the problem.
Interestingly, longer-dated yields have crashed right through that barrier. Reports, however, have it that the ECB has been buying 5's and 10's.
Have readers noticed how many public commentators are touting this rout as a buy opportunity? When the mainstream press and the pro's both simultaneously agree that dividends are the play - beware. There's something wrong with that picture.
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