The IBEX had a strong session on Tuesday as the 7600 level offered plenty of support as well as a bounce for this index. Spanish stocks in general did quite well, and if the rumors about Spain asking for a bailout are indeed true, we believe the Spanish banks will do quite well as they are by far the most exposed to Spanish sovereign debt. This will be a bit of a reprieve for these institutions as they are on the whole for massive losses. Because of this, we think that this will be a very headline grabbing index, and as such we are very cautious yet optimistic. On a move above 8000, we believe this market goes much higher.