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We’ll spare you the words and let the chart below do the talking – risk is heightening (again) via sovereign CDS spreads across Europe, especially in Greece, after abating in the months of September and October. We're managing around risk in Europe--we’re currently not invested across the continent on the long side, but continue to like Germany (via the etf EWG) at a price. Germany printed another month of solid employment data today, with the October unemployment rate unchanged at 7.5%, and the number of unemployed persons falling below the 3 Million mark, an important hurdle that has not been crossed in over 18 years, and coincides with the first anniversary of Chancellor Merkel’s center-right coalition.

Matthew Hedrick

Analyst

Greece’s Hockey Stick Risk Curve - mh