Linkage roundup

Some reading material for you from my twitter stream:


Italian default scenarios by Credit Writedowns http://t.co/XZ1feKq5 -- The situation in Italy is getting worse. 
Doubline Emerging Markets Income Fund Presentation. Good emerging market review http://t.co/x5OicI8J
RT @BrazilFinance: m'fer... RT @zerohedge: Presenting Europe's Remaining 2011 Bond And Bill Auctions... All 104 Of Them http://t.co/jjJOxRPi
RT @thenewstribune: Crystal plans to open Friday, but #WhitePass and The Summit at #Snoqualmie in wait-and-see mode: http://t.co/bok5eeQz -- ski season opens early in the Pacific Northwest. Go global warming!
Social media decision tree http://t.co/tZ4nxDuZ
Interbank credit stress examples #2,346 and 47 http://t.co/Mz0UM73y http://t.co/uIGD6kVb -- Until these stop rising I'm not getting bullish.
Spain/Germany spreads at fresh highs http://t.co/Q8tuP3eB -- not good
RT @AlephBlog: Europes liquidity crisis http://t.co/deWTyNf8 The spread on senior unsecured bank debt measures EZone financial credit stress: high now $$
RT @EpicureanDeal: Spot on: "The hiring of Chelsea Clinton doesnt so much debase... TV news... as reveal its true value." http://t.co/rV9rTGB8
RT @niubi: A Desperate Apartment Seller In Beijing | Sinocism http://t.co/DuDojIWZ
RT @PragCapitalist: OECD: LEADING INDICATORS POINT TO SLOWING GLOBAL GROWTH: Just in case Europe didnt have you feeling uncertain e... http://t.co/V1yAL4Pu
Chinese ghost cities get really wierd: http://t.co/Q4B4UeS5
Now the WSJ gets bullish on munis: http://t.co/V4VX0xgR I've been bullish a while, still holding $MUB http://t.co/Z2xoDWcv
RT @creditplumber: Great little 18min TED video about lie spotting by Pamela Meyer. http://t.co/wbW1GT3w via @Ritholtz
RT @pdacosta: Big Obama donor got no-bid $433 mln contract to supply experimental drug for threat that may not exist http://t.co/qkGMXD6A h/t @AdamPSharp
RT @BergenCapital: $MSG - a lost NBA season is about 100mm of EBITDA off of $MSG (40% of FY 2012 EBITDA)
Skullcandy $SKUL keeps unloading inventory via Groupon. The latest: http://t.co/DNDCLhaE
Time lapse video of Earth from space station. Very beautiful! http://t.co/hrdDsA2m
RT @stlouisfed: New data available on FRED: Indexes on housing affordability from the National Association of Realtors http://t.co/z4APddru
RT @thetailchaser: USD 3m Libor fixings. It seems some institutions r getting squeezd out of the market. Takin other institutions w/ them http://t.co/WPzOVMDH
How much more can the ECB buy? http://t.co/z2m5L0R7
RT @ritholtz: Joke of the day: The Italian debt crisis is now being renamed Lehmancello $$
RT @izakaminska: Another brilliant blog from Lew Spellman http://t.co/bgmQdipu
How you fail is important and continually praising kids for 'being smart' can backfire. http://t.co/ycfOUekP
RT @PragCapitalist: IS THE CHINESE PROPERTY MARKET COLLAPSING?: Despite all the clamoring over a new recession, it looks like the U.... http://t.co/Rhl9Rmww
Motivation -> http://t.co/74a0c1yL

Linkage roundup

Some reading material for you from my twitter stream:


http://t.co/vXWLZxuV - Italy near tipping point of increased margin requirements. I'm not the only one talking about this
RT @zerohedge: Hugh Hendry says he has made bets that will deliver a 40-to-1 return if the ECB cuts rates below 1% next year http://t.co/PAv4msUK
RT @edwardnh: The fact Greece's exit from euro has been discussed openly is seismic shift http://t.co/QVaWF7si
I'll get bullish when this stops going up. http://t.co/6vmUhc60
97% of family businesses don't make it past the 3rd generation http://t.co/MZAwrwRK
RT @FGoria: MT @M_McDonough: Italian CDS implying, country may be at risk of losing its investment grade status: http://t.co/mIVWCwkk
RT @mbusigin: Note that we did work on this in August, which gave us a different (bullish) signal: http://t.co/ivxLrhzB
RT @mbusigin: The few times realised volatility has eclipsed implied volatility, it presaged large declines: http://t.co/zTRw4ZDE
RT @edwardnh: Greece gets ultimatum: accept austerity plan or forgo extra bailout cash | Business | The Guardian http://t.co/DZSOBkDY -- Greece later backed down.
RT @edwardnh: France and Germany to withhold aid, Greece to be ejected http://t.co/WtNwsF6M #in $$ 
Greek referendum provides political cover http://t.co/MFDzDUCk
RT @PragCapitalist: THE GREEK REFERENDUM AND THE ROLE OF DEMOCRACY: I set off a bit of a firestorm on Twitter this afternoon when I ... http://t.co/O8GZFHvQ
New international bond etf's for Germany, Canada, and Australia $aud $cad $bund http://t.co/OemicVIk
Balestra Capitals Matthew Lucket Talks Gold, Deleveraging Story, and China Credit Problem http://t.co/9vGl387V @historysquared

Italian and Spanish yields keep climbing

I recently highlighted the rise in Spanish and Italian government bonds yields. Today they are shooting higher yet again and I'm certain this is a contributing factor to the equity market's weakness, US budgetary problems notwithstanding.

I usually don't mention my trading activity but I sold off an equity ETF position Friday due to this European contagion situation.

Club Med Hangover -- Bond yields climbing in Spain and Italy

Nearly a month ago I mentioned rising yields in Spain possibly causing problems.  I underestimated the number of countries. Both Italy and Spain's treasury yields have spiked higher.

Italy 10 year

Spain 10 year

Spain 10 year versus German 10 year

 

None of the charts are pretty.  While Italy was getting most of the headlines for the rate of yield increase please note how Spain's yields are higher.  Any EU country bordering the Mediterranean is having serious problems right now.