Finally, the blow-off top in Spain's corrective rally?
The expectations gap is wide - investors are keying on central bank promises instead of fundamentals. But the potential for the gap to snap shut is growing. If history is any guide, the time to sell is now; Spain appears vulnerable in this environment.
Two Longer-Term Refinancing Operations (LTRO) announced by the ECB in October 2011 were then implemented in December 2011. The announcement boosted Spanish share prices (chart 1), but the optimism quickly topped out before the plan was even implemented.
History - is it repeating or even rhyming now?
Market Vitals | 6 September 2012 [http://blackswantrading.squarespace.com/storage/market-vitals/090612_mv_ewp_setup.pdf] ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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