IRE‎ – Bank of Ireland NYSE

With all the news this morning about Ireland’s debt problems – shorting IRE Bank of Ireland doesn’t look like such a bad trade. It has clearly failed to put together any rally whatsoever and now is risking breaking a double bottom support line.

During the recent bond auction, the extra yield investors demand to hold 10-year Irish bonds over similar maturity German rose about 400 basis points for the first time on concerns that the cost of shoring up the country’s banks continue to rise. Great for investors in bonds but horrible for Irish taxpayers.