DBD Strategy Daily - EUROPEAN BANKS : BRACE FOR IMPACT
We have been used to a slow market in Europe and in the USA for many months. We are now in a situation were we could see some speed building up. Italian yields are passing very important levels. We are aiming at 4.25% for next Thursday, when the ECB will meet. This meeting will be the most important one since July 2012. Either they will end the current worries about their capacity to contain the crisis, or not. Equity markets are already anticipating the worse. European banks are accelerating to the downside, while implied volatility is is a clear bullish pattern. We do not want to worry you exaggeratedly, but we certainly cannot reassure you that all be well... It is time for maximum caution. Equities can easily move to full speed next week, led by banks.
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