The Spanish 10-Year Yield Middle-Finger Formation

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		Tech Entertainment Wall Street Markets Strategy Sports Lifestyle Politics Law International Video Latest Monday, June 18, 2012 The Spanish 10-Year Yield Middle-Finger Formation Many expected the results of this weekend's Greek parliamentary elections to spark a global risk-on rally at least in the near-term.  To recap, the pro-bailout, New Democracy party won the elections assuaging fears that Greece could soon exit the euro in a disorderly fashion. However, yields on Spanish debt soared ever higher today.  The slump in ten-year notes pushed yields as high as 7.2850 percent, a euro-area record, before falling back.  Other issuances also hit fresh highs, with two- and five-year yields topping 5.577 and 6.723 percent, respectively. Part of the concern sending borrowing costs to these heights is the threat that Spain could lose access to the debt markets as its banking sector wobbles and creditors worry they could be subordinated to bailout guarantors. The 10-year bond finished the day at 7.1580 percent, forming a bizarre middle-finger-like pattern.  Perhaps this is the bond market's way of saying that the elections solved nothing. Above, the ten-year. Read » Also On Money Game Today: JP MORGAN: There's A 75% Chance The Fed Will Give Us Operation Twist 2 Here Are 7 Stocks Making Huge Moves What The French Elections Mean For Europe Even Landfills Don't Want Fracking Fluid Waste Advertisement Recap After The Bell With 'Money Game Chart Of The Day' CHART OF THE DAY: Two Gigantic IPOs That Did Worse Than Facebook CHART OF THE DAY: This Chart Destroys The Idea Of Peak Oil Share this: Facebook Twitter Digg Reddit StumbleUpon LinkedIn The email address for your subscription is: dwyld.kwu.jobhuntportal11@blogger.com Change Your Email Address | Unsubscribe | Subscribe | Subscribe to the Money Game RSS Feed Business Insider. 257 Park Avenue South, New York, NY 10010 Terms of Service | Privacy Policy

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