Inquiring minds just may be interested in a gap-and-crap comparison of the the S&P; 500 index, the Spain Ibex index, and the Euro.

Spain Ibex Stock Market Index

S&P; 500 Cash Index

Above Charts From Yahoo! Finance Major World Indices
Annotations by Mish

Euro vs. US Dollar

Above 15 Minute Chart from Stockcharts.

The 6% gap-and-crap action as happened in Spain is not an everyday occurrence to say the least. Clearly, the bailout euphoria was totally unjustified, as called in advance.

For a look at the European bond market selloff, please see An “Emperor Has No Clothes” Moment: ESM Has Failed Already

Mike “Mish” Shedlock
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