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The IBEX 35 had a positive session on Monday, as the "risk on" rally ensued around the world. Financial indices around Europe all gain, and of course Spain would have been no different area however, this market does look like it's slowly starting to grind South, and we do think that we will eventually start to go below the €7400 level. In fact, we believe that the €7600 level is the default gateway to increased selling if we can close well below it. With this in mind, we are selling rallies as the highs keep getting lower.