The IBEX had a positive showing for the Thursday session, but currently languish is just below the 8200 level, which has served as significant resistance a couple of different times. Because of this, we aren’t as favorable on this particular index as we are some of the others in Europe. In fact, we would avoid Spain in general as there is far too much focus on it right now with all things debt related.
Because of this, we think that there are selected names in Spain that you can enjoy trading, but in reality most of them that aren’t financial will probably just get whipped around. We do like the Spanish banks however, because the bailout that is almost certainly, in the near-term will recapitalize them in a lot of ways. This being said though, Spain is one of her least favorite markets.