Current systemic move is a trivial reaction….that has nothing to do with kpn itself… Take it easy, indeed.
The problem is that Bernanki simply doesn’t know what to do – and markets don’t like uncertainties ….
Actually Bernanki’s main “success” was in (meaningless) decoupling of economy and financial markets. As a result, he i) pushed indices to ATH, while economy is almost at ATL, and ii) has broken basic principles – financial markets and institutions exist to finance economy… So, we observe “asset inflation”, while cpi stays low…
In this situation it’s not clear how to get basic principles back … If he stops “life-support” – markets have to fall, as their current level does not correspond to that level of economy. If he continues current policy – there are no objectives for any changes – markets can “grow well” without economy…
Thus we should expect further increase in volatility, and those funds on the lowest percentile become interesting – given negligible default prob., they simply do not have too much space down ….