The Global Macro Monitor defines “macro swan” as any global macroeconomic or financial event with the capacity to spill over into world markets causing risk aversion and lower asset prices.  – GMM

The fish weren’t biting on Swan Lake today.   The Swans were relatively quiet.

Watch The Banks

The banks continue to slide as the S&P 500 Financials Index fell for the 12th straight day Tuesday, the longest losing streak on record.

The STOXX Europe 600 Banks is fairing even worse, falling more than 18 percent since its January highs, compared to XLF, which is down 12 percent from its highs.

Most attribute the weakness to the flattening yield curve.   We are not so sure.

Watch the Euro banks.  We flagged the systemic risk of a Deutsche Bank stock trading in single digits several weeks back.