The IBEX fell during most of the session on Thursday in order to test the €7600 level for support. There was a nice bounce at that point time, and by the end of the day we had formed a nice-looking hammer. If the market gets above the €7800 level, I believe that the market will race back towards the €8200 level. This is a nice consolidation zone, and the fact that we formed a hammer just above the €7600 level suggests to us that this is simple consolidation after a nice move higher. Looking forward, we would prefer to buy this market as opposed to sell it, but if we get below the €7600 level we would be forced to be short of this market as it is the epicenter so many problems.