Global markets at local peak

The Treasury tapped international markets today. Bid-to-As I had noted earlier, they are famous issuing their eurobonds at the very top of the market. These day, everyone has their own weird markets leading indicator. While it did not work the last time I used it in May, my own TEISI (Turkish Treasury Eurobond Issuance Sentiment Indicator) index suggests global markets may be heading down from here. And I wouldn't be surprised either: As I plan to touch on my Hurriyet column on Monday, what we have going on right now is V for Vendetta (recovery that is), built on jubilation on a few mixed-at-best data and earnings reports slightly higher than expectations (but still quite bad). So, we may be heading for tears in heaven soon...