In my regular world index updates I've especially noted the severe weakness in the two major PIIGS - Italy and Spain. The Spanish IBEX is now in imminent danger of breaking an absolutely huge level.
For 'near' real time updates on IBEX - see: http://finance.yahoo.com/q?s=^IBEX&ql=0
Spain, monthly, 20yr historic.
As at 8am EST, the IBEX is down another 3.1% at 7143.
The IBEX is now just 2% away from breaking <7k.
In my view a break of 7k immediately opens the door, and almost guarantees a fall to 5k- within the next 1-6 months. Italy, and other Euro' indexes are certainly not as weak as the IBEX, but they ARE following in terms of a new bearish trend.
Without question, the IBEX is now the biggest warning to the bullish case. Watch that 7000 level. If it fails to hold....things could get.... real interesting.
For 'near' real time updates on IBEX - see: http://finance.yahoo.com/q?s=^IBEX&ql=0
Spain, monthly, 20yr historic.
As at 8am EST, the IBEX is down another 3.1% at 7143.
The IBEX is now just 2% away from breaking <7k.
In my view a break of 7k immediately opens the door, and almost guarantees a fall to 5k- within the next 1-6 months. Italy, and other Euro' indexes are certainly not as weak as the IBEX, but they ARE following in terms of a new bearish trend.
Without question, the IBEX is now the biggest warning to the bullish case. Watch that 7000 level. If it fails to hold....things could get.... real interesting.
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