Spanish stocks are leading losers again this morning. Italy has entered a recession. German Retail Sales #slowed to a cycle-low of -2.1% year-over-year in DEC and French Consumer Spending plunged -400 basis points to -2.1% year-over-year in DEC too.
We’ve not been “Long Europe” for well over a year now. Sure, there have been many bear market bounces that we could have chased. But we don’t chase. We stay with the #process.