Having broken through 9,000 points and recovered to close above both on May 7 and today, that level is looking like a line in the sand for the Ibex 35. As the seizure of Cajasur - and its negative implication for Spanish banks - seems to be listed first among the list of guilty parties behind today's European selloff, a closer comparison of those two dates might be in order.
The big drags on the index over the last 18 days have been energy transmission, construction, one junior bank and, by virtue of its weighting, Telefónica. The big banks, on the other hand, have saved the Ibex from the ignominy - reserved for the Paris index - of being the worst performer on the continent.
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