Really? Mr. C, you never thought or heard about the potential for a repatriation trade of the Euro? It has not occurred to you that   banks and governments within the zone are scrambling to bring back as much Euros as they can in the event of the, well – the inevitable default of Greece.

It is hard to believe that the guy who is looking for a bull market in any environment did not hear about what we (or others) have been saying for weeks. Again, it is not just us.   Zero-hedge has been very vocal about it and there have been several credible analysts that we follow that have also been cautioning about the bullish tone created by a rising Euro.

Also, for weeks, we have been talking about this on DHUnplugged. So, how is it again that you never heard or thought abut this before?

Wait, before you don’t answer… Have you been watching the liquidity and risk indicators? Here is the EU 3M basis Swap chart – Note that is is hitting a NEW high (low) again today at -125! That is crisis levels that have not been seen since the Lehman bankruptcy.