Spain - Falling knife now but for how much longer?

Since Spain has been in the news I thought I would have a quick look at a chart and note some first impressions.

This is the Dow Jones Spain Titans 30 index weekly.

My first thought after looking at this chart was that this is along the lines I thought the SPX would look like after the decline into 2009.  Thank uncle Ben and the others at the Federal Reserve for that.  Anyway,  this market is a falling knife for now but that could start to ease up soon.  Ideally  this could use a small up or sideways and then down before a better bounce.  I see that the DJ Spain index is already testing the 2009 lows while this is holding above.  Some quick and dirty timing lines up middle of next month which might let that little up/down move develop before then.

 

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