The euro dropped below $1.12 against the dollar, its lowest in 17 months, as fears over France's rising debt and political uncertainty in Spain weigh on the eurozone. #Leverage#Credit
A strange split is developing. Equity breadth remains weak. Credit is starting to separate. VIX and leadership still refuse to confirm broad transmission. So the regime stays intact —but the pressure underneath is changing. Pressure is real. Transmission is the confirmation.