The Spain bank bailout was rumored for more than a week, and the rally begun last Friday ; gap up in opening was immediately filled in the morning.
Obvious sell on the news, of course.
And don’t forget : these are triple witching days, and next 17th of June there will be the election day in Greece.
Don’t build any strategy until next Monday, this is my advice.
Here the headlines of the day :
Spanish 10-year yields hit 6.50% after initially falling to 6.0% on bailout
Italian 10-year yields hit 6%, highest since January
Troika working to avoid subordination in Spanish bailout
Posen : BOE should buy securitized small/medium business loans
ECB’s Noyer : Europe needs deposit guarantee system
Rehn : No budget conditions for Spain
