... "when they tell you that the Spread with Germany is at its lowest ever not believe... this is the only one that is important"... 01/01/2002 - 01/08/2009 : Spread vs DAX FTSE MIB lows . Divergence contained 01/08/2009 - 01/12/2014: BOOM BREAKS Spread between DAX and FTSE MIB . After 2000 days DAX " Overperforming " FTSE MIB approximately 130% since 2002 ( euro entry) 01/12/2014 - 13/04/2015: Stocks "fee" the ECB QE . Spread vs DAX FTSE MIB at the highest ever. DAX " Overperforming " FTSE MIB 167% since 2002 ( euro entry)