by John Galt
July 6, 2016 05:30 ET
Whatever caused the snap, kerplunk, or “BOOM” at 04:30 ET this morning, it has continued with Deutsche Bank deteriorating rapidly now down over 5% in European trading:
Whatever is happening, it has driven the German 10 Year Bund to a record -0.20% and the US 10 Year Treasury yield to new record lows close to 1.320%!
Somewhere the smart money knows there is a major shoe about to drop, be it Italy, the United States, or Asia and they understand that it will probably take several major banks with it. Watch GS and MS today in US trading while DB should be entertaining until the German bourse closes later this morning.