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BOTTOM LINE: The Western Europe Sovereign Debt Credit Default Swap Index has risen about 11.0 basis points over past two days. The Euro Financial Sector CDS is also surging another 9.0% today. So far, today's equity market declines are orderly and relatively mild. However, the recent rise in cds is a red flag and, with the market in such a technically overbought state, should be closely monitored.
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