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The Milanese markets fell during the session on Wednesday in order to test the 15,500 level again. The level held as support, and we did get a small bounce from it. However, one has to look at this chart and admit that the most recent high is lower than the one before it. Because of this we are a bit leery of going long Italian stocks right now, but would not hesitate to if the Spanish finally asked for a bailout. In this particular scenario, we think that Italian banks will do quite well, and by extension this futures contract. Until then, we are very leery of going long in the periphery of Europe.