Perhaps the AdvVol/DeclVol chart has been distorted somewhat by the telcos. Particularly TLS & MAQ - which have gone up 20% in Nov on large volume. If so, maybe its not such a bullish sign after all.
Traditionally - telcos, health care and the USD is where everyone ducks for cover when they think the market is about to crash!
Cant blame them when Patrick Honohan, the governor of the Central Bank of Ireland, says: "selling the banks to foreign buyers may be a desirable course of action".
...and...
Gary Jenkins, head of fixed-income research at Evolution Securities says: "If we continue to see the recent trend in Spanish bond yields then the crisis is going to be taken to a completely new level as Spain accounts for approximately 12% of euro-zone GDP which is double the figure of Ireland, Portugal and Greece together."
redback report week ended 26/11/2010, page-3
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