The IBEX rose during the session on Thursday as Spanish stocks continue to grind higher in a very sluggish move. Spanish stocks will continue to be a bit heavy as Spain of course is the epicenter of all problems Europe right now, and because of this, we are not overly fond of this market.
Part of the bullishness that we saw worldwide could have been due to the fact that it was the first day of the month, and as such a lot of money managers would have been putting their money to work in new stocks. However, we think that the Spanish market maybe kind of quiet today as the US jobs number is due out 8:30 AM New York time. With that being said, we are going to remain flat of this market as we think there are better indices to be involved with right now.