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putcall</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2016/01/immagine-1.png</image:loc><image:title>Immagine 1</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2016/01/aaii-bull.png</image:loc><image:title>aaii bull</image:title></image:image><lastmod>2016-01-17T17:01:56+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/12/30/bail-in-si-parte/</loc><lastmod>2015-12-30T14:06:34+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/12/19/per-natale-fatti-un-regalo-uno-strumento-di-conoscenza-dei-tuoi-investimenti/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/12/salva-banche.jpg</image:loc><image:title>salva-banche</image:title></image:image><lastmod>2015-12-30T14:05:38+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/11/26/i-gestori-di-fondi-tornano-a-comprare-azioni-ma-la-quota-cash-e-ancora-elevata/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/11/baml-assets.png</image:loc><image:title>baml assets</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/11/baml-cash.png</image:loc><image:title>baml cash</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/11/baml-em.png</image:loc><image:title>baml EM</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/11/baml-ez.png</image:loc><image:title>BAML EZ</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/11/baml-us.png</image:loc><image:title>baml US</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/11/baml-equities.png</image:loc><image:title>baml equities</image:title></image:image><lastmod>2015-11-26T20:55:41+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/link-utili/</loc><lastmod>2015-11-11T20:29:48+00:00</lastmod><changefreq>weekly</changefreq><priority>0.6</priority></url><url><loc>https://paolocalcinari.com/2015/11/02/emergenti-dopo-lincubo-si-puo-tornare-a-sognare/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/11/emergenti.png</image:loc><image:title>emergenti</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/11/flussi.jpeg</image:loc><image:title>flussi</image:title></image:image><lastmod>2015-11-02T11:36:25+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/11/12/raccolta-record-su-fondi-high-yield-positiva-per-le-azioni/</loc><lastmod>2015-10-23T20:02:26+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/10/19/asset-allocation-dei-gestori-di-fondi-a-ottobre/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/10/baml-cash.png</image:loc><image:title>BAML cash</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/10/baml-equities.png</image:loc><image:title>BAML Equities</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/10/baml-us.png</image:loc><image:title>BAML US</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/10/baml-ez.png</image:loc><image:title>BAML EZ</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/10/baml-jp.png</image:loc><image:title>BAML JP</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/10/baml-eem.png</image:loc><image:title>BAML EEM</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/10/baml-commod.png</image:loc><image:title>BAML Commod</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/10/baml-sectors.png</image:loc><image:title>BAML sectors</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/10/baml-bonds.png</image:loc><image:title>BAML Bonds</image:title></image:image><lastmod>2015-10-19T06:48:54+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/10/07/azimut-anche-a-settembre-in-crescita/</loc><lastmod>2015-10-07T21:14:01+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/09/08/il-costo-del-market-timing/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/09/immagine-11.png</image:loc><image:title>Immagine 1</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/09/immagine-21.png</image:loc><image:title>Immagine 2</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/09/immagine-3.jpg</image:loc><image:title>Immagine 3</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/09/immagine-4.png</image:loc><image:title>Immagine 4</image:title></image:image><lastmod>2015-09-08T10:49:57+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/09/06/mercati-emergenti-a-sconto/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/09/immagine-2.png</image:loc><image:title>Immagine 2</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/09/immagine-1.png</image:loc><image:title>Immagine 1</image:title></image:image><lastmod>2015-09-06T09:15:20+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/08/23/flash-crash-panic/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/immagine-6.png</image:loc><image:title>Immagine 6</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/immagine-1.png</image:loc><image:title>Immagine 1</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/sp500-index.png</image:loc><image:title>S&amp;P500 Index</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/immagine-3.png</image:loc><image:title>Immagine 3</image:title></image:image><lastmod>2015-08-23T17:08:04+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/08/20/le-preferenze-dei-gestori-mondiali-ad-agosto/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/balm-cash.png</image:loc><image:title>BALM cash</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/baml-equities.png</image:loc><image:title>BAML equities</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/baml-us.png</image:loc><image:title>BAML US</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/baml-ez.png</image:loc><image:title>BAML EZ</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/baml-j.png</image:loc><image:title>BAML J</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/baml-eem.png</image:loc><image:title>BAML EEM</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/baml-commodities.png</image:loc><image:title>BAML commodities</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/hedges.png</image:loc><image:title>Hedges</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/baml-bonds.png</image:loc><image:title>BAML bonds</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/money-mkt-funds.png</image:loc><image:title>money mkt funds</image:title></image:image><lastmod>2015-08-20T17:06:01+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/08/19/come-hanno-risposto-le-diverse-asset-class-dopo-1-aumento-dei-tassi/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/mat-prime.png</image:loc><image:title>mat prime</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/rate-increase-spreads-chg.png</image:loc><image:title>rate increase - spreads chg</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/rate-increase-commodities-chg.png</image:loc><image:title>rate increase - commodities chg</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/rate-increase-rates-chg.png</image:loc><image:title>rate increase - rates chg</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/rate-increase.png</image:loc><image:title>rate increase</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/rate-increase-dx-chg.png</image:loc><image:title>rate increase - dx chg</image:title></image:image><lastmod>2015-08-19T14:06:01+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/08/10/cresce-la-tensione-tra-i-traders-americani-ma-forse-e-un-bene/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/08/vix.png</image:loc><image:title>vix</image:title></image:image><lastmod>2015-08-10T17:42:18+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/07/18/gestori-mondiali-ancora-piu-prudenti/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/07/baml-cash.png</image:loc><image:title>BAML cash</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/07/baml-equity.png</image:loc><image:title>BAML equity</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/07/baml-us.png</image:loc><image:title>BAML US</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/07/baml-ez.png</image:loc><image:title>BAML EZ</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/07/baml-japan.png</image:loc><image:title>BAML Japan</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/07/baml-em.png</image:loc><image:title>BAML EM</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/07/baml-allocations.png</image:loc><image:title>BAML 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cash</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/05/baml-equity.png</image:loc><image:title>BAML equity</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/05/baml-us-eq.png</image:loc><image:title>BAML US eq</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/05/baml-ez-eq.png</image:loc><image:title>BAML EZ eq</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/05/baml-j-eq.png</image:loc><image:title>BAML J eq</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/05/baml-em-eq.png</image:loc><image:title>BAML EM eq</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/05/baml-allocations.png</image:loc><image:title>BAML allocations</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/05/baml-sentiment-barometer.png</image:loc><image:title>BAML sentiment barometer</image:title></image:image><lastmod>2015-05-24T16:54:59+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/05/08/utile-record-nel-primo-trimestre-per-il-gruppo-azimut/</loc><lastmod>2015-05-08T06:49:54+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/04/19/lattuale-allocazione-dei-gestori-di-fondi/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/04/baml-cash-april-15.png</image:loc><image:title>BAML Cash April 15</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/04/baml-equities-april-15.png</image:loc><image:title>BAML Equities April 15</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/04/baml-us-april-15.png</image:loc><image:title>BAML US April 15</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/04/baml-ez-april-15.png</image:loc><image:title>BAML EZ April 15</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/04/baml-j-april-15.png</image:loc><image:title>BAML J April 15</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/04/baml-eem-april-15.png</image:loc><image:title>BAML EEM April 15</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/04/baml-allocations-april-15.png</image:loc><image:title>BAML Allocations April 15</image:title></image:image><lastmod>2015-04-20T07:12:05+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2012/11/12/cina-a-sconto/</loc><lastmod>2015-04-08T22:08:36+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/04/06/focus-sui-mercati-emergenti/</loc><lastmod>2015-04-06T21:10:02+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/04/05/equity-putcall-ratio-vs-sp-500/</loc><lastmod>2015-04-05T10:26:32+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/02/07/il-2015-e-lanno-delleuropa/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/02/dati-economici-euro.jpg</image:loc><image:title>dati economici euro</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/02/flussi-fondi-su-europa.jpg</image:loc><image:title>flussi fondi su europa</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/02/condizioni-favorevoli.jpg</image:loc><image:title>condizioni favorevoli</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/02/rel-perf-euro-vs-mondo.png</image:loc><image:title>rel perf euro vs mondo</image:title></image:image><lastmod>2015-03-22T19:48:07+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/03/19/il-gruppo-azimut-si-riorganizza/</loc><lastmod>2015-03-19T20:54:44+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/03/15/fondo-pensione-batte-tfr-7-a-1/</loc><lastmod>2015-03-15T13:48:01+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/03/15/consulenti-prima-di-ogni-cosa-dovete-saper-essere-psicologi/</loc><lastmod>2015-03-15T12:22:27+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/03/07/non-comprate-da-soli-obbligazioni-soprattutto-ora/</loc><lastmod>2015-03-07T16:24:49+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/03/06/azimut-raccolta-netta-in-febbraio-positiva-per-e-505-milioni/</loc><lastmod>2015-03-06T22:35:33+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/02/06/giuliani-azimut-promotori-diventate-azionisti-delle-vostre-mandanti/</loc><lastmod>2015-02-06T14:32:40+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/01/28/investitori-americani-molto-emotivi/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/01/flussi-etf-sp500.png</image:loc><image:title>flussi etf sp500</image:title></image:image><lastmod>2015-01-28T22:52:48+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/01/08/prosegue-il-rally-dei-bond-nessuno-azzarda-lo-short/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/01/tbond-30y.png</image:loc><image:title>tbond 30y</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/01/immagine-1.png</image:loc><image:title>Immagine 1</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/01/immagine-21.png</image:loc><image:title>Immagine 2</image:title></image:image><lastmod>2015-01-08T22:10:21+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2015/01/06/tutti-rialzisti-sul-dollaro-usa/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/01/dollar-index1.png</image:loc><image:title>dollar index</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/01/riscatti-record-fondi-area-emergenti.png</image:loc><image:title>riscatti record fondi area emergenti</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/01/ottimismo-dollaro1.png</image:loc><image:title>ottimismo dollaro</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2015/01/immagine-2.png</image:loc><image:title>Immagine 2</image:title></image:image><lastmod>2015-01-06T19:49:23+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/12/28/anche-nel-2015-non-si-puo-prescindere-dalle-azioni-usa/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/asset-strat-ws.png</image:loc><image:title>asset strat ws</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/feargreedhistoricalimage.png</image:loc><image:title>FearGreedHistoricalImage</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/risk.png</image:loc><image:title>risk</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/stock-to-bond-ratio.png</image:loc><image:title>stock to bond ratio</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/perf-2014.png</image:loc><image:title>perf 2014</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/benzina-usa1.png</image:loc><image:title>benzina Usa</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/decennial-pattern-dj.png</image:loc><image:title>decennial pattern dj</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/baml-allocations-dec-14.png</image:loc><image:title>BAML Allocations Dec 14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/cash-spx.png</image:loc><image:title>cash spx</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/erp-spx.png</image:loc><image:title>erp spx</image:title></image:image><lastmod>2014-12-28T14:35:08+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/12/17/ancora-un-rialzo-record-del-vix/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/vix-dev-mm20.png</image:loc><image:title>vix dev mm20</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/vix.png</image:loc><image:title>vix</image:title></image:image><lastmod>2014-12-17T15:02:19+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/12/09/azimut-global-and-we-keep-running/</loc><lastmod>2014-12-09T19:58:44+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/12/06/il-credito-fa-boom-negli-usa-non-nellarea-euro/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/immagine-1.png</image:loc><image:title>Immagine 1</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/ci-loans-99.jpg</image:loc><image:title>C&amp;I Loans 99-</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/12/ci-loan-growth.jpg</image:loc><image:title>C&amp;I Loan growth</image:title></image:image><lastmod>2014-12-06T09:40:18+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/11/22/come-affrontano-il-fine-anno-i-gestori-di-fondi/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/11/baml-cash-nov-14.png</image:loc><image:title>BAML Cash Nov 14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/11/baml-equities-nov-14.png</image:loc><image:title>BAML Equities Nov 14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/11/baml-us-equities-nov-14.png</image:loc><image:title>BAML US Equities Nov 14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/11/baml-ez-equities-nov-14.png</image:loc><image:title>BAML EZ Equities Nov 14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/11/baml-japan-equities-nov-14.png</image:loc><image:title>BAML Japan Equities Nov 14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/11/baml-eem-equities-nov-14.png</image:loc><image:title>BAML EEM Equities Nov 14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/11/baml-allocations-nov-14.png</image:loc><image:title>BAML Allocations Nov 14</image:title></image:image><lastmod>2014-11-22T16:55:20+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/11/05/azimut-la-raccolta-di-ottobre-vola-grazie-a-messico-e-turchia/</loc><lastmod>2014-11-05T21:00:51+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/11/01/la-fed-termina-il-qe-ma-il-bull-market-usa-prosegue/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/bilanci-banche-cent.png</image:loc><image:title>bilanci banche cent</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/barronscover-ott-2014.jpg</image:loc><image:title>barronscover ott 2014</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/spx-vs-qe.png</image:loc><image:title>spx vs QE</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/capex-us.png</image:loc><image:title>capex US</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/cons-conf.png</image:loc><image:title>cons conf</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/fed-funds-fut.png</image:loc><image:title>fed funds fut</image:title></image:image><lastmod>2014-11-01T12:21:11+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/10/18/la-capitolazione-e-arrivata/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/short-int-spx.png</image:loc><image:title>short int spx</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/selling-climax.png</image:loc><image:title>selling climax</image:title></image:image><lastmod>2014-10-18T19:35:46+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/10/11/mercati-sotto-stress-unaltra-opportunita-dacquisto/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/ciclo-pres.jpg</image:loc><image:title>ciclo pres</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/stock-bond-ratio.png</image:loc><image:title>stock bond ratio</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/barometro.png</image:loc><image:title>barometro</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/barometro-graf.png</image:loc><image:title>barometro graf</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/atr-spx.png</image:loc><image:title>atr spx</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/etf-short-spx.png</image:loc><image:title>etf short spx</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/vix.png</image:loc><image:title>vix</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/ratio-vix-vxv.png</image:loc><image:title>ratio vix vxv</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/vix-dev-mm-50.png</image:loc><image:title>vix dev mm 50</image:title></image:image><lastmod>2014-10-12T11:07:05+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/10/09/torna-la-paura-della-deflazione-anche-negli-usa/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/10/ratio-inflation-linked-long-bond2.png</image:loc><image:title>ratio inflation linked long bond</image:title></image:image><lastmod>2014-10-09T21:49:16+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/10/08/azimut-raccolta-netta-in-settembre-positiva-per-e-284-milioni/</loc><lastmod>2014-10-08T16:32:28+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/10/04/istat-prezzi-dellimmobiliare-in-calo/</loc><lastmod>2014-10-04T10:16:02+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2013/07/14/short-interest-sulle-azioni-dellsp-500-ancora-elevato/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2013/07/6b9fb-shortintspx.png</image:loc><image:title>6b9fb-shortintspx</image:title></image:image><lastmod>2014-10-02T21:44:50+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2013/09/17/lo-spessore-sul-nyse-mette-in-guardia/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2013/09/2755f-trin.png</image:loc><image:title>2755f-trin</image:title></image:image><lastmod>2014-10-02T21:42:24+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2012/04/09/stime-in-calo-per-gli-utili-delle-aziende-usa/</loc><lastmod>2014-10-02T21:39:18+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2012/03/27/boom-di-dividendi-per-le-aziende-usa/</loc><lastmod>2014-10-02T21:38:10+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2012/01/23/i-gestori-di-fondi-tornano-sul-rischio/</loc><lastmod>2014-10-02T21:36:34+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2012/01/13/rischio-debito-italia-in-calo-nel-breve-termine/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2012/01/3db7b-italy1-yearbillrate.png</image:loc><image:title>3db7b-italy1-yearbillrate</image:title></image:image><lastmod>2014-10-02T21:35:34+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2012/01/11/le-10-sorprese-per-il-2012-di-byron-wien/</loc><lastmod>2014-10-02T21:34:17+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/12/23/bund-al-capolinea/</loc><lastmod>2014-10-02T21:33:21+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/11/29/leuro-prossimo-alla-fine/</loc><lastmod>2014-10-02T21:32:35+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/10/05/il-modello-citigroup-paniceuforia/</loc><lastmod>2025-04-27T10:37:47+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/09/26/ci-si-dimentica-dei-dividendi/</loc><lastmod>2014-10-02T21:29:24+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/09/23/metalli-non-piu-preziosi/</loc><lastmod>2014-10-02T21:28:35+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/09/23/recessione-si-o-no/</loc><lastmod>2014-10-02T21:27:17+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/09/12/aumenta-il-rischio-controparte-ma-non-come-nel-2008/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/09/53605-tedspread.png</image:loc><image:title>53605-tedspread</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/09/euribor.png</image:loc><image:title>Aumenta il rischio controparte ma non come nel 2008.</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/09/e327c-liquidit25c325a0banchedabce.png</image:loc><image:title>e327c-liquidit25c325a0banchedabce</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/09/tedspread.png</image:loc><image:title>Aumenta il rischio controparte ma non come nel 2008.</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/09/460af-euribor.png</image:loc><image:title>460af-euribor</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/09/depositiesteripressofed.png</image:loc><image:title>Aumenta il rischio controparte ma non come nel 2008.</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/09/daa71-depositiesteripressofed.png</image:loc><image:title>daa71-depositiesteripressofed</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/09/liquidit25c325a0banchedabce.png</image:loc><image:title>Aumenta il rischio controparte ma non come nel 2008.</image:title></image:image><lastmod>2014-10-02T21:26:24+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/08/02/il-segnale-contrarian-della-copertina/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/08/05add-headlinesdrudgereport.png</image:loc><image:title>05add-headlinesdrudgereport</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/08/9b3b0-coverdrudgereport.png</image:loc><image:title>9b3b0-coverdrudgereport</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/08/ec968-coverdrudgereport.png</image:loc><image:title>ec968-coverdrudgereport</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/08/74e85-headlinesdrudgereport.png</image:loc><image:title>74e85-headlinesdrudgereport</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/08/7d02b-giornaliitaliamartedi.png</image:loc><image:title>7d02b-giornaliitaliamartedi</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/08/giornaliitaliamartedi.png</image:loc><image:title>Il segnale "contrarian" della copertina</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/08/coverdrudgereport.png</image:loc><image:title>Il segnale "contrarian" della copertina</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/08/headlinesdrudgereport.png</image:loc><image:title>Il segnale "contrarian" della copertina</image:title></image:image><lastmod>2014-10-02T21:17:49+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/08/01/quanto-rischiano-gli-investitori-privati-americani/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/08/07268-aaiistockdeviation.png</image:loc><image:title>07268-aaiistockdeviation</image:title></image:image><lastmod>2014-10-02T21:17:18+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/07/29/ci-si-preoccupa-del-default-degli-usa-ma-si-comprano-i-t-bond/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/07/5fce6-etfief.png</image:loc><image:title>5fce6-etfief</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/07/etfief.png</image:loc><image:title>Ci si preoccupa del "default" degli Usa ma si comprano i T-Bond</image:title></image:image><lastmod>2014-10-02T21:16:31+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/10/13/propensione-al-rischio-ai-minimi/</loc><lastmod>2014-10-02T21:11:50+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/10/22/correlazione-azioni-e-obbligazioni/</loc><lastmod>2014-10-02T21:11:09+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/10/28/fine-del-mondo-finanziario-rimandata/</loc><lastmod>2014-10-02T21:10:35+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/10/02/sp-500-quando-ottobre-inizia-male/</loc><lastmod>2014-10-02T21:07:14+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/10/02/barometro-del-sentiment-fear-greed-index/</loc><lastmod>2014-10-03T09:02:32+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/10/02/honohan-governatore-della-bc-irlandese-rivela-la-troika-ha-minacciato-di-mandare-in-bancarotta-lirlanda/</loc><lastmod>2014-10-01T22:08:47+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/25/massimo-guiati-di-azimut-tra-i-top-gestori-global-macro/</loc><lastmod>2014-09-25T14:19:48+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/10/07/i-buoni-motivi-per-essere-bullish/</loc><lastmod>2014-09-23T20:34:01+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/23/aspettative-sullinflazione-negli-usa-ancora-basse/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/09/inflazione-usa.png</image:loc><image:title>inflazione usa</image:title></image:image><lastmod>2014-09-23T20:28:50+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/18/ora-azimut-attende-piano-industriale/</loc><lastmod>2014-09-18T19:43:55+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/15/tra-settembre-e-ottobre-volatilita-in-rialzo/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/09/vix2.png</image:loc><image:title>vix2</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/09/vix.png</image:loc><image:title>vix</image:title></image:image><lastmod>2014-09-15T21:33:49+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/15/il-ritmo-di-crescita-della-cina-continua-a-rallentare/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/09/china-ip.png</image:loc><image:title>China IP</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/09/retail-sales.png</image:loc><image:title>Retail sales</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/09/fixed-asset-investment.png</image:loc><image:title>Fixed Asset Investment</image:title></image:image><lastmod>2014-09-15T07:47:55+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/14/spot-tv-azimut-libera-impresa/</loc><lastmod>2014-09-14T14:04:56+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/13/unicredit-vende-pioneer/</loc><lastmod>2014-09-13T11:22:31+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/11/nuovi-massimi-a-6-anni-per-le-azioni-giapponesi/</loc><lastmod>2014-09-11T12:32:47+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/10/hong-kong-hang-seng-uno-sguardo-di-lungo-termine/</loc><lastmod>2014-09-09T22:03:04+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/09/la-stagionalita-dei-mercati/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/09/stagionalitc3a0-sp500.png</image:loc><image:title>stagionalità sp500</image:title></image:image><lastmod>2014-09-09T21:21:17+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/08/lindicatore-di-w-buffett-ratio-capitalizzazione-borsa-usa-pil/</loc><lastmod>2014-09-08T17:44:21+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/08/i-bond-islamici-sukuk-bond/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/09/grafico-az-sukuk.png</image:loc><image:title>grafico az sukuk</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/09/sukuk.png</image:loc><image:title>sukuk</image:title></image:image><lastmod>2014-09-08T15:53:11+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/08/azimut-dati-della-raccolta-di-agosto/</loc><lastmod>2014-09-08T14:09:48+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/09/06/herding-behavior-il-comportamento-del-gregge/</loc><lastmod>2014-09-06T16:51:25+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2014/08/13/come-sono-posizionati-i-gestori-ad-agosto/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/08/46551-baml2bbond2brates2baug2b14.png</image:loc><image:title>46551-baml2bbond2brates2baug2b14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/08/f9e32-baml2ballocations2baug2b14.png</image:loc><image:title>f9e32-baml2ballocations2baug2b14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/08/fcd95-baml2beem2baug2b14.png</image:loc><image:title>fcd95-baml2beem2baug2b14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/08/47cf5-baml2bbonds2baug2b14.png</image:loc><image:title>47cf5-baml2bbonds2baug2b14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/08/9bcba-baml2bus2baug2b14.png</image:loc><image:title>9bcba-baml2bus2baug2b14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/08/d91ad-baml2bcash2baug2b14.png</image:loc><image:title>d91ad-baml2bcash2baug2b14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/08/6c54e-baml2bez2baug2b14.png</image:loc><image:title>6c54e-baml2bez2baug2b14</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2014/08/f9bc5-baml2bequity2baug2b14.png</image:loc><image:title>f9bc5-baml2bequity2baug2b14</image:title></image:image><lastmod>2014-09-06T15:06:46+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/09/04/la-ricerca-della-sicurezza-ma-a-quale-rendimento/</loc><lastmod>2014-09-05T21:34:08+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://paolocalcinari.com/2011/09/16/si-avvicina-il-downgrade-di-moodys-sullitalia/</loc><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/09/48784-credit_rating.jpg</image:loc><image:title>48784-credit_rating</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/09/23717-spread.png</image:loc><image:title>23717-spread</image:title></image:image><image:image><image:loc>https://paolocalcinari.com/wp-content/uploads/2011/09/credit_rating.jpg</image:loc><image:title>Si 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