The IBEX had a slightly positive session during Tuesday, as the €7600 level continues offer support. However, we are pressing up against the very top of the Friday shooting star, and as such we are not ready to go long quite yet. If we can manage to get above the €7850 level, we are willing to start going long in the futures market.
The Spanish markets of course are going to be very interesting and very sensitive to the debt crisis. This is because Spain of course is the epicenter of everything European debt concerned, and as such headlines will have to be taken into account as you trade this futures market. Nonetheless, the technicals do look like we’re trying to find a little bit of footing here and return to the top of the recent consolidation.