Spanish Flies

Everybody gather 'round now
Let your body feel the heat
--Miami Sound Machine

Spanish bond spreads at record wides as the country requested more help for insolvent banks this past wkend. That pounded mkts around the globe overnite and has domestic equity mkts off nearly 2 percent this am.

In classic bureaucratic form, policymakers in Spain and Italy have banned short selling. Nothing like removing a layer of liquidity from an already illiquid mkt...

10 yr T-note yields are at all time lows this morning at ~1.4%.

It's early for sure, but hard not to conjure visions of deja vu from one year ago when TNX broke to new lows ahead of last year's late summer meltdown.

position in SPX