In his "Santelli Exchange," CNBC's Rick Santelli "kicks the tires" on the recent rebound for European stock indexes.
Over the past four to six weeks, he believes the German DAX and the French CAC are moving higher as U.S. stock "overperformance is giving way to a bit of their overperformance. It makes perfect sense."
He believes investors need to carefully assess whether Europe's economic stabilization is sustainable.
The answer, he says, could be found in the bond market.