The market downtrend continues to develop. It is difficult to get individually enthusiastic when its a tight range, despite the volatility within that range. It’s even more suffocating to try to express certain trading strategies within that defined range. This has been the only theme that investors have witnessed over the past two trading sessions. However, thank Spanish bad debt data for having opened up this mornings range. Bad debts held by Spanish banks hit a record high in July (+$222b or +10% of credit) and deposit outflows (-7.8%, y/y) are gaining pace as the Spanish banking system sufferers a deeper economic ... (full story)