FTSE MIB - Looking to Short on Pullbacks!

Italian markets came under strong pressure yesterday as
Bloomberg ran a story that the EUCommission June 5th will
consider a disciplinary procedure over Italy’s failure to rein
in debt. An Excessive deficit Procedure is a lengthy process,
but if the story is true, the standoff between Italy and the
EU that we had expected in the autumn could start much
earlier.

We remain with a negative bias on FTSEMIB and BTPs.

Sell short-term pullbacks today.