By John Galt
November 23, 2011 – 05:25 ET
According to a breaking story this morning, the German 10 Year Bund auction was technically uncovered which is the same as:
With only €3.6 billion purchased of €6 billion offered, I would call that the definition of epic failure. Now that the crisis has migrated into the heart of the Eurozone, watch out for pissed off German bankers taking revenge out on the PIIGS.
The yields are creeping up slightly but the Euro has just absolutely collapsed in the past twenty minutes since the news broke:
(chart from FOREXPROS.com)
This news has already unsettle the U.S. equity futures and should keep the markets sufficiently roiled going into tomorrow’s Thanksgiving holiday. If selling accelerates during the last hour of trading during a down move, do not act shocked if the 1154 area on the S&P 500 is taken out in one day on heavy volume.