went down to -210 when Lehman blew up so the trough can be...

went down to -210 when Lehman blew up so the trough can be pretty deep and move fast if the proverbial hits the fan.

PB interesting fit with high correlation at the moment. I did chuck this graph up another time so apologies to folks who have seen before

http://www.thedisciplinedinvestor.com/blog/2011/08/15/euro-basis-swaps-nearing-crisis-levels-chart/