Market nerves

I track the cumulative inversion in 3, 5 and 10 year bond yields. I use it as a rough indicator of market nervousness. Today's reading sees my indicator dialing up again.

Last time I looked at this we had a great Greek election and the Spanish banks had just been rehydrated. Things were settling down.

So what is going on now? Could it be fears of a new global slowdown: Europe is fading fast, China is slowing and the US is flat? Or is it financial heroin withdrawal symptoms with the Federal Open Market Committee’s June decision not to grab the hypodermic labelled Quantitative Easing Mark III?