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Positions in Europe: Short Spain (EWP); Long German Bunds (BUNL)

Minutes ago Keith shorted Spain via the etf EWP in the Hedgeye Virtual Portfolio. The etf is in a bearish formation, meaning the current price is below its immediate term TRADE and intermediate term TREND levels (see chart below).

Idea Alert: Shorting EWP - AAA. IBEX

We’ve detailed our thinking on Spain post Saturday’s €100B bank credit line announcement in our note publish 6/11 titled “Spain’s Cracked Credibility and Europe’s Bailout Messaging”. If you need a copy please email me at .

Below we've updated key risk signals for Spain. You'll note that since the introduction of the EUR the 10YR Spanish government bond yield is at its highest high at 6.726% as 5YR Spanish CDS trades just under all-time highs at 598bps!

Idea Alert: Shorting EWP - aaa. up and right

Matthew Hedrick

Senior Analyst